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96-591: According to plans made by the Qianhai administration, as the pilot district for cooperation between mainland China and Hong Kong and innovation in the service industry, Qianhai undertakes four functions: Qianhai is situated in the Pearl River Delta . With the completion of railways and roads by 2020, Qianhai will be within a one-hour commuting radius of the Pearl River Delta and within a 30-minute commuting radius of Hong Kong. The main arteries of traffic in

192-720: A hong trading house in British Hong Kong . The bank was established in 1865 in Hong Kong and opened branches in Shanghai in the same year. It was first formally incorporated in 1866. In 1991, the present parent legal entity, HSBC Holdings plc , was established in London and the historic Hong Kong–based bank from whose initials the group took its name became that entity's fully-owned subsidiary. The next year (1992), HSBC took over Midland Bank and thus became one of

288-637: A "Turn The Pearl River Delta Into One" project. The stated goal was to "mesh the transport, energy, water and telecommunications networks of the nine cities together." (Hong Kong and Macau were not included.) However, the Chinese government denied that such a project existed. The Pearl River Delta is notoriously polluted. After thirty years of rapid industrialization, the Pearl River Delta has in parts been famed for pollution. Acid rain , smog , water pollution , and electronic waste contribute to

384-418: A Clean Production Audit according to Article 28 of China's Cleaner Production Promotion Law . Guangdong Environmental Protection Bureau took a stance against the companies by blacklisting them. Pearl River Delta is a strong source of greenhouse gases as well. Although it is hard to estimate overall greenhouse gas emissions from such a large megacity, scientists have shown that Pearl River Delta exhibits one of

480-524: A chance to network with companies, offers for careers, and venture capital. In addition to a lab area with facilities such as recording studios and 3-D printing labs, participants in the Qianhai Youth Hub will have access to the facilities in most public labs for free. There is an instructional building where professors and professionals give seminars, career advice, or provide professional guidance to youth entrepreneurs, and an exhibition hall for

576-416: A conference and exhibition hall and an exchange platform. Companies who are planning to move in or have already moved in include the Hong Kong and Shanghai Banking Corporation (HSBC), Hang Seng Bank, Industrial and Commercial Bank of China (ICBC), China Mobile, etc. Although some companies have moved in, there is still ongoing construction. The area will be completed by the end of 2014. The Qianhai Youth Hub

672-461: A conscious effort to avoid direct competition and create a win-win situation. More specifically, Hong Kong banks will be allowed to extend commercial RMB loans to Qianhai-based onshore mainland entities. The People's Bank of China has also indicated that such loans will for the first time not be subject to the benchmark rates set by the central bank for all other loans in the rest of China. The beginning of this "cross-border yuan loan program has opened

768-651: A large French bank, for £6.6 billion. In July 2001 HSBC bought Demirbank , an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc., through a new subsidiary, Wealth and Tax Advisory Services USA Inc. ( WTAS ), would purchase a portion of Andersen's tax practice. The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $ 1.1 billion. In November 2002, HSBC expanded further in

864-457: A long list of health problems such as cancer , endocrine disruption , renal failure and damage to the nervous system as well being known to harm the environment. Three of the five facilities sampled (Qingyuan Top Dragon Co. Ltd, Wing Fung P.C. Board Co. Ltd. and Techwise Qingyuan Circuit Co. Ltd. ) contained concentrations of chemicals which exceeded the limits set by Guangdong provincial effluent standards. These companies were then subjected to

960-587: A new business unit as Wealth and Personal Banking. In October 2020, HSBC committed to achieve zero-emission by 2050, e.g., by this year it would not only become carbon neutral by itself but also will work only with carbon-neutral clients. It also committed to providing 750–1,000 billion dollars to help clients make the transition. It also pledged to achieve carbon neutrality in his own operations by 2030. In January 2021, HSBC announced that it would be closing 82 branches in Britain. In May 2021, HSBC announced

1056-673: A new channel for the back flow of overseas yuan funds, which will increase the yuan’s global liquidity and promote its internationalisation,” according to Linan Liu, a senior strategist for greater China at Deutsche Bank AG. The Qianhai Equity Trading Centre will provide loans to Qianhai enterprises by launching RMB-denominated wealth management products (WMPs) on the Hong Kong capital market. Qianhai has implemented preferential policies which will effectively allow logistics providers to offer improved and more flexible services across mainland China and globally. The Qianhai Bay Free Trade Port Zone

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1152-838: A new coal policy and provide further detail on its climate strategy by the end of 2021. The organisation's "Thermal Coal Phase-Out Policy" was published in December 2021. In August 2021, HSBC announced the acquisition of AXA Singapore. HSBC Insurance (Asia-Pacific) Holdings Ltd, an indirect wholly-owned subsidiary of HSBC would acquire 100% of the issued share capital of AXA Singapore for $ 575m. In December 2021, HSBC Asset Management (India) Private Ltd, an indirect wholly-owned subsidiary of HSBC announced it would acquire L&T Investment Management for $ 425 million from L&T Finance Holdings . In June 2022, HSBC announced its intention to sell its business in Russia. This requires approval from

1248-483: A new head office building in Hong Kong in 1935. Bank note issuance displaced other forms of the era and of the region, such as silver taels , due to political and economic instability. HSBC gained significant influence as a result. Michael Turner became chief manager in 1953 and set about diversifying the business. His tenure came to an end in 1962 having established The Hong Kong and Shanghai Banking Corporation of California 1955 and having acquired The British Bank of

1344-483: A platform for serving global and Chinese markets. As of 2008, the Central Government has introduced new labor laws, environmental and other regulations to reduce pollution, industrial disputes, produce safer working conditions and protect the environment. The costs of producing low margin and commodity goods have increased. This is on top of the rising cost for energy, food, transport and the appreciation of

1440-470: A preferred location for money laundering. The United States Department of Justice , however, decided not to pursue criminal penalties, a decision which the New York Times labelled a "dark day for the rule of law." HSBC chief executive Stuart Gulliver said: "We accept responsibility for our past mistakes. We have said we are profoundly sorry for them, and we do so again." In July 2013, Alan Keir

1536-520: A record $ 1.92 billion fine in this money laundering case. It was reported that bank officials consistently overlooked internal warnings about the inadequacy of HSBC's monitoring systems, according to the Justice Department. For example, in 2008, the CEO of HSBC Mexico was reportedly informed by Mexican law enforcement about a recording of a Mexican drug lord, who indicated that HSBC Mexico was

1632-627: A report, "Poisoning the Pearl River" that detailed the results of a study it conducted in which 25 samples were collected from five manufacturing facilities in the Greater Pearl River Delta. The study concluded that all the facilities sampled were discharging waste-water containing chemicals with proven or suspected hazardous properties including beryllium , copper , manganese , and heavy metals , as well as high levels of organic chemicals. These substances are associated with

1728-412: A representative office. HSBC announced renaming of its Personal Financial Services (PFS) business group to Retail Banking and Wealth Management (also known as RBWM) on HSBC's 2011 Investor Day. On 11 May 2013, the new chief executive Stuart Gulliver announced that HSBC would refocus its business strategy and that a large-scale retrenchment of operations, particularly in respect of the retail sector,

1824-520: A road connection across the Pearl River between Hong Kong, Macau, and Zhuhai, and is regularly traversed by buses and other public transit. There are daily high-speed catamaran services throughout the PRD region. The PRD is covered by seven civilian airports, with five in mainland China and two in special administrative regions. Two of the mainland airports have international flights. Mainland China: Special administrative regions: Another new airport in

1920-597: A smoother transition. With a planned area of 14.92 square kilometres (5.76 sq mi) and total construction area of 26-30 million m, Qianhai is expected to create 650,000 jobs and house 150,000 residents by 2020. According to the city blueprint, Qianhai's residents will have access to a park and greenery within 100 metres (330 ft), the ability to reach public transportation within 200 metres (660 ft), shopping malls, restaurants, and hotels within 500 metres (1,600 ft), and education and health care services within 1,000 metres (3,300 ft) of any given point in

2016-401: A total 470 branches before divestments. On 9 August 2011, Capital One Financial Corp. agreed to acquire HSBC's U.S. credit card business for $ 2.6 billion, netting HSBC Holdings an estimated after-tax profit of $ 2.4 billion. In September it was announced that HSBC sought to sell its general insurance business for around $ 1 billion. In 2012, HSBC was the subject of hearings of

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2112-574: A £12.5 billion (US$ 17.7 billion; HK$ 138 billion) rights issue to enable it to buy other banks that were struggling to survive. However, uncertainty over the rights issue's implications for institutional investors caused volatility in the Hong Kong stock market: on 9 March 2009 HSBC's share price fell 24.14%, with 12 million shares sold in the last few seconds of trading. On 25 April 2011, HSBC decided to shut down its retail banking business in Russia and reduce its private banking presence to

2208-574: Is a 90% HSBC-owned joint venture. In November 2022, HSBC announced its intention to exit the Canadian market. Royal Bank of Canada would acquire 100% of the common shares of HSBC Canada for an all-cash purchase price of $ 13.5 billion, 9.4 times HSBC Canada's estimated 2024 earnings. Completion of the transaction is expected by late 2023, subject to regulatory approvals. HSBC has been under pressure to cut costs and divest non-Asian businesses. In February 2023, HSBC announced that its profits for

2304-473: Is a British universal bank and financial services group headquartered in London , England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets , ahead of BNP Paribas , with US$ 2.919  trillion as of December 2023. In 2021, HSBC had $ 10.8 trillion in assets under custody (AUC) and $ 4.9 trillion in assets under administration (AUA). HSBC traces its origin to

2400-945: Is an area that will become a community dedicated to the facilitation of innovation in young entrepreneurs, providing them with sources of venture capital, the advantage of starting up in one of the most active economies in China, and the opportunity to network with companies as well as like-minded individuals from abroad, particularly Hong Kong youths. The cost of research and startup in the Qianhai Youth Hub will be partially subsidised. The prioritised industries in this area are consistent with Qianhai's overall blueprint, including innovative technology, information technology, modern logistics, and cultural and artistic innovation. The development of professional services such as finance, accounting, and law, as well as computer science, e-commerce, statistical analysis, animation, new media, 3-D printing, design, virtual reality, and clean energy are strongly supported by

2496-612: Is formed by three major rivers, the Xi Jiang (West River), Bei Jiang (North River), and Dong Jiang (East River). The flat lands of the delta are criss-crossed by a network of tributaries and distributaries of the Pearl River. The Pearl River Delta is actually two alluvial deltas, separated by the core branch of the Pearl River . The Bei Jiang and Xi Jiang converge to flow into the South China Sea and Pearl River in

2592-546: Is one of the vital components of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The construction of 7 warehouses with a total area of 400,000m² has been completed, among which 12,000 m (130,000 sq ft) are for refrigerated bonded warehouses. The Qianhai administration will promote the development of software and information technology services, as well as facilitate

2688-559: Is the low-lying area surrounding the Pearl River estuary , where the Pearl River flows into the South China Sea . Referred to as the Guangdong–Hong Kong–Macao Greater Bay Area in official documents, the region is one of the most densely populated and urbanized regions in the world, and is considered a megacity by numerous scholars. It is currently the wealthiest region in Southern China and one of

2784-717: The Bank of Communications of Shanghai. In the United Kingdom HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million in December 2004. Acquisitions in 2005 included Metris Inc, a US credit card issuer for $ 1.6 billion in August and 70.1% of Dar es Salaam Investment Bank of Iraq in October. In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $ 155 million. In December 2007 HSBC acquired

2880-746: The Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index . It has secondary listings on the New York Stock Exchange , and the Bermuda Stock Exchange . HSBC has been implicated in a number of controversies and the bank has been repeatedly fined for money laundering (sometimes in relation to major criminal organizations such as

2976-751: The SARs of Hong Kong and Macau . The 2010/2011 State of the World Cities report, published by the United Nations Human Settlements Programme , estimates the population of the delta region at 120 million people; it is rapidly urbanising. The eastern side of the PRD (Shenzhen, Dongguan), dominated by foreign capital, is the most developed economically. The western areas (Foshan, Zhuhai, Zhongshan, Jiangmen), dominated by local private capital, are open for development. New transport links between Hong Kong, Macau and Zhuhai in

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3072-851: The Sinaloa cartel ) or setting up large scale tax avoidance schemes. After the British established Hong Kong as a crown colony in the aftermath of the First Opium War , merchants from other parts of the British Empire, now in Hong Kong, felt the need for a bank to finance the growing trade, through Hong Kong and sometimes also through Shanghai, between China and India , the rest of the British Empire and Europe, of goods, produces and merchandises of all kinds, but especially opium , cultivated in or transited (re-exported) through

3168-420: The U.S. Senate permanent subcommittee for investigations for severe deficiencies in its anti-money laundering practices (see Controversies ). On 16 July the committee presented its findings. Among other things, it concluded that HSBC had been transferring $ 7 billion in banknotes from its Mexican to its US subsidiary (much of it related to drug dealing ), was disregarding terrorist financing links and

3264-418: The renminbi against the falling US dollar . Some manufacturers will need to cut costs by moving up the value chain or moving to more undeveloped regions. The Pearl River Delta established itself as the factory location of choice for global companies that were headquartered in Hong Kong in the 1980s. The industrial output of the Pearl River Delta was generated in the main by state-owned enterprises. Meanwhile

3360-591: The 17 banks in the UK that were "facing questions over what they knew about the international scheme and why they did not turn away suspicious money transfers," as HSBC "processed $ 545.3m in Laundromat cash, mostly routed through its Hong Kong branch." Other banks facing scrutiny under the investigation included the Royal Bank of Scotland , NatWest , Lloyds , Barclays and Coutts . In response, HSBC stated that it

3456-655: The Chinese Bank in Taiwan. In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm. On August 3, 2008, HSBC began its banking operations in Algeria with the opening of a branch in Algiers. In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism. Then-CEO Stephen Green said that "This was a singular and wholly irresponsible attack on

3552-558: The Dongguan Shuidao. Distributuares enter the Pearl River as far north as Luogang and as far south as Hu Men (Tiger Gate) . Saltwater crocodiles were present within the Pearl River estuary during antiquity. As well as the delta itself, the term Pearl River Delta refers to the dense network of cities that covers nine prefectures of the province of Guangdong, namely Dongguan , Foshan , Guangzhou , Huizhou , Jiangmen , Shenzhen , Zhaoqing , Zhongshan and Zhuhai and

3648-898: The Middle East and the Mercantile Bank (based in India) in Aug 1959. Turner was succeeded in 1962 by Jake Saunders . In 1964 the Chief Managership was superseded as the top executive role in the bank by an Executive Chairmanship. During the Konfrontasi period in the 1960s, a group of Indonesian forces bombed the MacDonald House building in Singapore (at the time used by HSBC) just a few months after Singapore

3744-455: The PRD are expected to open up new areas for development, further integrate the cities, and facilitate trade within the region. The Hong Kong–Zhuhai–Macau Bridge , and the proposed Shenzhen–Zhongshan Bridge , currently in the planning phase, will be amongst the longest bridges in the world with a total length of approximately 50 km (31 mi) each. Until 1985, the PRD had been mainly dominated by farms and small rural villages, but after

3840-413: The PRD had a combined population of 86 million in 2022, the PRD has become the largest urban area in the world in both size and population. The region's traditional language is Cantonese ; in the late 20th century and the 21st century, due to the high inflow of migrant workers coming from other regions, Mandarin has gradually become a lingua franca . The west side of this region, along with Chaoshan ,

3936-670: The Pearl River Delta Economic Zone has been the fastest growing portion of the fastest growing province in the fastest growing large economy in the world. The industrial cities in the Pearl River Delta have been called the "Factory of the World" or the "World's Factory" due to the presence of industrial parks populated with factories from foreign investments. However, the target market of the delta region's exports has become increasingly domestic rather than foreign. Dongguan , Zhongshan , Nanhai , and Shunde are

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4032-405: The Pearl River Delta accounted for 9.1 percent of China's GDP. These figures show the remarkable level of economic development to which the Pearl River Delta has been subjected in order to become an 'Economic Zone', as well as the international orientation of the region's economy. This orientation has attracted numerous investors from all over the world who use the Greater Pearl River Delta region as

4128-683: The Pearl River Delta. PRD is served by six different metro systems throughout the metropolitan area consisting of Guangzhou Metro , Shenzhen Metro , MTR , FMetro , Macau Light Rail Transit and Dongguan Rail Transit . In addition, the Pearl River Delta Metropolitan Region intercity railway provides regional transit between cities of the PRD. The entire PRD is fully covered by railway, high-speed rail, or intercity-rail services. All cities are served by buses and taxis, while some cities may still offer motorcycle service. The Hong Kong–Zhuhai–Macau Bridge provides

4224-488: The Qianhai administration. The Hub will have facilities that help youth entrepreneurs obtain funds from venture capital, public funds, and subsidies from the Qianhai administration, providing them with the resources to either initiate an idea or continue developing their innovation. In addition, the Qianhai Youth Hub is situated beside the Qianhai Enterprise Dream Park, giving the youth entrepreneurs

4320-537: The Raj . The founder, Thomas Sutherland of the Peninsular and Oriental Steam Navigation Company , wanted a bank operating on "sound Scottish banking principles". Still, the original location of the bank was considered crucial and the founders chose Wardley House in Hong Kong since the construction was based on some of the best feng shui in colonial Hong Kong . After raising a capital stock of HK$ 5 million,

4416-642: The Russian government, and the deal is expected to close in the first half of 2024. The projected loss is $ 300 million. A possible buyer is the Russian Expobank . In February 2024, the President of Russia allowed HSBC and Expobank to carry out this transaction. In July 2022, HSBC became the first foreign lender to open a Chinese Communist Party (CCP) committee in its Chinese investment banking subsidiary. The subsidiary, HSBC Qianhai Securities,

4512-654: The UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China. HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition of the bank thereof, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with

4608-466: The United States. Under the chairmanship of John Bond, it spent £9 billion (US$ 15.5 billion) to acquire Household Finance Corporation (HFC) , a US credit card issuer and subprime lender. In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude that [it] was the deal of the first decade of the 21st century". Under the new name of HSBC Finance ,

4704-523: The Xi include Donghui Shuidao, Jiya Shuidao, Hutiaomen Shuidao, Yinzhou Hu, and the main branch of the Xi Jiang. Jiangmen and Zhongshan are the major cities found in the western section of the delta. The Bei Jiang enters the delta plains at Qingyuan but does not begin to split until near Sanshui . From here the two main distributaries are Tanzhou Shuidao and Shunde Shuidao which form multiple mouths along

4800-539: The area is frequently covered with a brown smog. This has a strong effect on the pollution levels in the delta. On 22 March 2007 the World Bank approved a $ 96 million loan to the PRC government to reduce water pollution in the Pearl River Delta. On December 23, 2008, it was announced that ¥48.6 billion (about $ 7.1 billion) will be spent on the river by mid-2010 to clean up the river's sewage problems quoted by Zhang Hu ,

4896-725: The bank commenced operations on 3 March 1865. It opened a branch in Shanghai in April of that year and started issuing locally denominated banknotes in both the Crown Colony and Shanghai soon afterwards. The bank was incorporated in Hong Kong as The Hongkong and Shanghai Banking Corporation by the Hongkong and Shanghai Bank Ordinance (Numbers 2 and 5 of 1866), and a branch in Japan was also established in Yokohama in 1866. Shares of

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4992-406: The bank reportedly telling Mossack Fonseca it was "comfortable" with Rami Makhlouf as a customer, even though US Treasury sanctions against him were in effect at the time. On 20 March 2017, the British newspaper The Guardian reported that hundreds of banks had helped launder KGB -related funds out of Russia , as uncovered by an investigation named Global Laundromat . HSBC was listed among

5088-654: The bank were one of 13 securities initially traded on the Shanghai Stock Exchange , and were traded on that exchange until the Japanese closed the exchange in 1941 . Sir Thomas Jackson became chief manager in 1876. During his twenty-six-year tenure, the bank became a leader in Asia. A period of expansion followed, with new buildings constructed in Bangkok (1921), Manila (1922) and Shanghai (1923), and

5184-682: The bank's international compliance procedures", but subsequent investigation indicated that it was accurate and proved that the bank was involved in money laundering for the Sinaloa Cartel and throughout Mexico . In July 2006, HSBC announced that it would acquire Westpac 's sub-custody operations in Australia and New Zealand for $ 112.5 million, making HSBC the leading sub-custody and clearing player in Australia and New Zealand. In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $ 10.5 billion, becoming

5280-564: The branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses and leaving only the credit card business to continue operating. Chairman Stephen Green stated, "HSBC has a reputation for telling it as it is. With the benefit of hindsight, this is an acquisition we wish we had not undertaken." According to analyst Colin Morton, "the takeover was an absolute disaster". In March 2009, it announced that it had made US$ 9.3 billion of profit in 2008 and announced

5376-446: The business conduct of HSBC under the title Swiss Leaks based on the 2007 hacked HSBC account records from whistle-blower Hervé Falciani . The ICIJ alleges that the bank profited from doing business with corrupt politicians, dictators, tax evaders, dealers of blood diamonds, arms dealers and other clients. US Senate investigators in 2012 had sought the hacked HSBC account records from Falciani and French authorities, but never received

5472-412: The city. In order to attract and retain a creative workforce, the Qianhai administration has claimed that it will aim to establish an internationalised education system, as well as a Hong Kong-standard health care system. The Qianhai administration has stated that it will prioritise public transportation and sustainable development. All Qianhai buildings will meet international environmental standards, and

5568-479: The cooperation between mainland and Hong Kong telecom operators. Qianhai will give priority to the development of innovative technologies, creative design services, as well as professional services such as consulting and management. As industrial reform is now underway in the Pearl River Delta , Qianhai's strategic positioning includes the plan to provide manufacturers with new technologies and other professional services to support their reforming efforts and facilitate

5664-586: The data. HSBC announced in August 2015 that it would be selling its Brazilian unit to Banco Bradesco for $ 5.2 billion following years of disappointing performance. In 2015, HSBC was recognised as the most trusted foreign bank in India by The Brand Trust Report 2015. In 2016, the bank was mentioned numerous times in connection with the Panama Papers investigation. Many Syrians were angered when their accounts were judged high-risk and closed, despite

5760-480: The director of Guangzhou municipal bureau of water affairs. The city will build about 30 water treatment plants , which will treat 2.25 million tonnes of water per day. The program hopes to cut down the amount of sewage in the area by 85%, and was also of fundamental importance for the 2010 Asian Games held in Guangzhou from November 12, 2010, to November 27, 2010. In October 2009 Greenpeace East Asia released

5856-712: The division was the second largest subprime lender in the United States. The new headquarters of HSBC Holdings at 8 Canada Square , London officially opened in April 2003. In July 2003, HSBC announced that it had agreed to acquire 82.19% of the Korean fund administrator, Asset Management Technology (AM TeK), for $ 12.47 million in cash; it was the largest fund administrator in South Korea, with $ 24 billion of assets under administration. In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $ 7.8 million. In June 2004 HSBC expanded into China buying 19.9% of

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5952-484: The economy was reformed and opened, a flood of investment turned it into the land's economic powerhouse. The PRD's startling growth was fueled by foreign investment coming largely from Hong Kong manufacturers that moved their operations into the PRD. In 2003, Hong Kong companies employed 11 million workers in their PRD operations. Lately there have been extreme labour shortages in the region due to runaway economic growth which caused wages to rise by about 20 to 30 percent in

6048-503: The energy consumption of buildings will be closely monitored and controlled. There is a planned 150 million yuan investment in reforestation, and investments in clean energy, water and waste recycling as well as sustainable urban management. An example of Qianhai's future work environment, the Qianhai Enterprise Dream Park is modelled after the Silicon Valley, with 58 office buildings and a multi-purpose building that can be used as

6144-413: The exit of US retail banking business by selling 10 California branches to Cathay Bank and 80 branches to Citizens Financial Group and closing the remaining branches. The bank said it intends to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. In May 2021, HSBC committed to end the financing of the coal industry , with a commitment to publish

6240-468: The financial industry by relaxing currency flows between Qianhai and Hong Kong, reinforcing Hong Kong's position as an offshore RMB settlement centre. This initiative is meant to spearhead the internationalisation of Shenzhen's capital market, as well as strengthen the partnership between securities markets in Shenzhen and Hong Kong. Qianhai's financial services will aim to complement that of Hong Kong's, in

6336-456: The first major bank to report its losses due to the unfolding subprime mortgage crisis . According to Bloomberg , "HSBC is one of world's strongest banks by some measures". When HM Treasury required all UK banks to increase their capital in October 2007, the group transferred £750 million to London within hours, and announced that it had just lent £4 billion to other UK banks. In March 2009, HSBC announced that it would shut down

6432-501: The four cities known as the Four Guangdong Dragons for their high growth rates and rapid development from late the 1980s to the 2000s. Although the Pearl River Delta Economic Zone encompasses only 0.4 percent of the land area and only 3.2 percent of the 2000 census population of mainland China, it accounted for 8.7 percent of GDP, 35.8 percent of total trade, and 29.2 percent of utilised foreign capital in 2001. By 2016

6528-456: The industrial output of collective-owned enterprises diminished over time, with private enterprises and joint ventures increasing their share of the Pearl River Delta's industrial output to 37.5 percent by the mid-1990s. Today urban areas with the assistance of the municipal governments in the Pearl River Delta are attempting to rebrand industrial output as originating from "the world's tech lab" or "design studio". The Pearl River Delta has become

6624-419: The largest domestic banks in the United Kingdom. HSBC has offices, branches and subsidiaries in 62 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 39 million customers. As of 2023, it was ranked no. 20 in the world in the Forbes rankings of large companies ranked by sales, profits, assets, and market value. HSBC has a dual primary listing on

6720-536: The last quarter of 2022 had almost doubled compared to those at the same time the previous year. However, its pre-tax profit actually fell because it absorbed the cost of selling its French retail banking operations. The bank also announced that they were closing 114 branches in the United Kingdom. The move came as more people were using online banking since the pandemic, reducing the need for physical branches. The move has been criticized by Unite . As interest rates increased globally in May 2023, HSBC Holdings reported

6816-409: The local and international needs of domestic and overseas clients", HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc , and divestures to KeyCorp , Community Bank, N.A. and Five Star Bank for around $ 1 billion, and announced the closure of 13 branches in Connecticut and New Jersey . The rest of HSBC's U.S. network will only be about half from

6912-2256: The mainland — Pearl River Delta International Airport — located in Gaoming District , Foshan — is under construction. Districts: Yuexiu , Liwan , Haizhu , Tianhe , Baiyun , Huangpu , Panyu , Huadu , Nansha , Zengcheng , Conghua New Area: Nansha Districts: Futian , Luohu , Nanshan , Yantian , Bao'an , Longgang , Pingshan , Longhua , Guangming New District: Dapeng Districts: Xiangzhou , Doumen , Jinwan New Area: Hengqin Districts: Chancheng , Nanhai , Shunde , Sanshui , Gaoming Subdistricts: Dongcheng , Guancheng , Nancheng , Wanjiang Towns: Chang'an , Changping , Chashan , Dalang , Dalingshan , Daojiao , Dongkeng , Fenggang , Gaobu , Hengli , Hongmei , Houjie , Huangjiang , Humen , Liaobu , Machong , Qiaotou , Qingxi , Qishi , Shatian , Shijie , Shilong , Shipai , Tangxia , Wangniudun , Xiegang , Zhangmutou , Zhongtang Subdistricts: Dongqu , Nanqu , Shiqi , Xiqu , Wuguishan Subdistrict , ZTHIDZ (Zhongshangang) Towns: Banfu , Dachong , Dongfeng , Dongsheng , Fusha , Gangkou , Guzhen , Henglan ,l Huangpu , Nanlang , Nantou , Minzhong , Sanjiao , Sanxiang , Shaxi , Shenwan , Tanzhou , Xiaolan New Area: Cuiheng Districts: Jianghai , Pengjiang , Xinhui County-level Cities: Enping , Taishan , Kaiping , Heshan Districts: Huicheng , Huiyang Counties: Boluo , Huidong , Longmen Districts: Duanzhou , Dinghu , Gaoyao Counties: Guangning , Huaiji , Fengkai , Deqing County-level City: Sihui Districts: Central and Western , Eastern , Southern , Wan Chai , Kowloon City , Kwun Tong , Sham Shui Po , Wong Tai Sin , Yau Tsim Mong , Islands , Kwai Tsing , North , Sai Kung , Sha Tin , Tai Po , Tsuen Wan , Tuen Mun , Yuen Long Freguesia: Nossa Senhora de Fátima , Santo António , São Lázaro , Sé , São Lourenço , Nossa Senhora do Carmo , São Francisco Xavier Zone: Cotai A 2011 article in British newspaper The Telegraph reported on

7008-449: The next chairman. However, while many current and former senior employees supported the tradition of promoting the chief executive to chairman, many shareholders instead pushed for an external candidate. HSBC's board of directors had reportedly been split over the succession planning and investors were alarmed that the row would damage the company. On 23 September 2010, Geoghegan announced he would step down as chief executive of HSBC. He

7104-531: The number of patent applications and the number of patents owned per capita among all major cities in China. The following policies were approved by the State Council on June 27, 2012. As a modern service industry cooperation zone, Qianhai's administration has planned to focus on finance, modern logistics, information services, technology services, and other professional services. The Qianhai administration plans to promote innovation and partnership within

7200-554: The participants' work and ideas. International and Hong Kong youth participation in this hub is strongly supported by the Qianhai administration. This community will be managed by the Qianhai administration, the Hong Kong Federation of Youths, and the Shenzhen Youth Federation. This project will be completed by the end of 2014. Pearl River Delta The Pearl River Delta Metropolitan Region

7296-455: The past two years. The Pearl River Delta has been one of the most economically dynamic regions of the People's Republic of China since the launch of China's reform programme in 1979. With annual gross domestic product growth of 13.45 percent over three decades since 1978, it is 3.5 percentage points higher than the national average. Since 1978 almost 30 percent of all foreign investment in China

7392-407: The perceived problems. In travel literature the Pearl River Delta has been titillated as among the most attractive "pollution day trips from Hong Kong". Treatment facilities for sewage and industrial waste are failing to keep pace with the growth in population and industry in the area. A large portion of the pollution is brought about by factories run by Hong Kong manufacturers in the area. Much of

7488-609: The purchase of the Banco Bamerindus of Brazil for $ 1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $ 600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $ 10.3 billion. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France ,

7584-508: The region, including the Shenzhen-Zhongshan corridor, Shenzhen Western Port, Shenzhen North Station and Guangzhou-Shenzhen Yanjiang Highway all pass through Qianhai. The city of Shenzhen , where Qianhai is located, is one of the most economically developed regions in the Pearl River Delta and mainland China. As one of the most economically productive cities in China, Shenzhen has the highest GDP per capita, foreign export volume,

7680-1203: The strongest anomalies in carbon dioxide concentration around the world. This enhancement is easily discernible from satellite observations. 22°32′N 113°44′E  /  22.533°N 113.733°E  / 22.533; 113.733 Direct-administered municipalities . Sub-provincial cities as provincial capitals . Separate state-planning cities . Special economic-zone cities . Open coastal cities . Prefecture capital status established by Heilongjiang Province and not recognized by Ministry of Civil Affairs. Disputed by Oroqen Autonomous Banner , Hulunbuir, Inner Mongolia as part of it. Only administers islands and waters in South China Sea and have no urban core comparable to typical cities in China. The claimed province of Taiwan no longer have any internal division announced by Ministry of Civil Affairs of PRC, due to lack of actual jurisdiction. See Template:Administrative divisions of Taiwan instead. Hong kong and shanghai banking corporation HSBC Holdings plc ( Chinese : 滙豐 ; initialism from its founding member The Hongkong and Shanghai Banking Corporation )

7776-755: The wealthiest regions in China along with the Yangtze River Delta in Eastern China and Jingjinji in Northern China . Most of the region is part of the Pearl River Delta Economic Zone , which is a special economic zone of China. The region is a megalopolis , and is at the southern end of a larger megalopolis running along the southern coast of China, which include metropolises such as Hong Kong , Shenzhen , Guangzhou , Macao . The nine largest cities of

7872-541: The west side of the Pearl River's estuary. Two other distributaries, Lubao Yong and Xinan Yong, split from the Bei further north and converge with the Liuxi He to form the main branch of the Pearl River just north of Guangzhou . The other major city in the north section of the delta is Foshan . The Dong Jiang flows through Huizhou into the delta. It begins diverging northeast of Dongguan into many distributaries, including

7968-615: The west, while the Dong Jiang only flows into the Pearl River proper in the east. The Xi Jiang begins exhibiting delta-like characteristics as far west as Zhaoqing , although this city is not usually considered a part of the PRD region. After passing through the Lingyang Gorge and converging with the Bei Jiang, the Xi Jiang opens up and flows as far east as Nansha District and as far west as Xinhui . Major distributaries of

8064-515: The world's goods were produced in the Greater Pearl River Delta, with a total export value of US$ 289 billion. Over 70,000 Hong Kong companies had factory plants in the Greater Pearl River Delta. In the Pearl River Delta an extensive system of container feeder shipping has been established. This system of containerization also serves ports within the same region. The container port of Shenzhen has surpassed Hong Kong as major hub with Guangzhou serving as another significant container shipping hub for

8160-469: The world's workshop and is a major manufacturing base for products such as electronics , garments and textiles , plastic products, and a range of other goods. Private-owned enterprises have developed quickly in the Pearl River Delta Economic Zone and are playing an increasing role in the region's economy, particularly after year 2000 when the development environment for private-owned enterprises has been greatly relaxed. In 2001 nearly five percent of

8256-478: The year. The consumer banking division of HSBC will focus on the UK, Hong Kong , high-growth markets such as Mexico, Singapore, Turkey, and Brazil, and smaller countries where it has a leading market share. According to Reuters, Chief Executive Stuart Gulliver told the media, "There will be further job cuts. There will be something like 25,000 roles eliminated between now and the end of 2013." In August 2011 "to align our U.S. business with our global network and meet

8352-633: Was actively circumventing US safeguards designed to prevent transactions involving terrorists, drug lords and rogue regimes, including hiding $ 19.4 billion in transactions with Iran. This investigation followed on from a probe by the US Federal Reserve and Office of the Comptroller of the Currency found that there was "significant potential for unreported money laundering or terrorist financing". On 11 December 2012, HSBC agreed to pay

8448-488: Was against financial crime, and that the case "highlights the need for greater information sharing between the public and private sectors." On 1 October 2017, Mark Tucker succeeded Douglas Flint as group chairman of HSBC, the first non-executive and outside chairman appointed by the group. Also in October 2017, HSBC announced that John Flint, chief executive of Retail Banking and Wealth Management, would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018. It

8544-671: Was also the source of much Chinese emigration from the 19th to the mid 20th centuries, including to the Western world , where they formed many Chinatowns . Today, much of the Chinese diaspora in the US , Canada , Australia , Latin America , and much of Southeast Asia traces their ancestry to the west side of this region. The river delta, also known as the Golden Delta of Guangdong ,

8640-512: Was appointed chief executive of HSBC Bank plc after Brian Robertson's resignation. Keir's duties include overseeing the firm's UK, European, Middle Eastern, and African divisions. In June 2014, an indirect wholly-owned subsidiary HSBC Life (UK) Limited agreed to sell its £4.2 billion UK pensions business to Swiss Re . In February 2015 the International Consortium of Investigative Journalists released information about

8736-526: Was further announced on 5 August 2019 that Flint was leaving and his role would be filled on a temporary basis by Noel Quinn, head of HSBC's global commercial bank. Noel Quinn was subsequently appointed to the role on a permanent basis in March 2020. In February 2020, HSBC announced it would cut 35,000 jobs worldwide after it was announced corporate profits decreased by 33% in 2019. In 2020, HSBC announced merging two of its business lines: Retail Banking and Wealth Management & Global Private Banking to form

8832-405: Was granted its independence from Malaysia. Three people were killed, 33 injured, and the two Indonesian military officers responsible for the bombing were tried and executed. The present building in Hong Kong was designed by Sir Norman Foster and was held as one of the most expensive and technologically advanced buildings in the world in 1986, costing HK$ 5.3 billion. On 6 October 1989, it

8928-427: Was in the PRD. In 2007 its GDP rose to US$ 448 billion which makes its economy about the size of Taiwan's and by 2019 this figure has increased to US$ 2.0 trillion or about the same size as Canada . The abundance of employment opportunities created a pool of wealthy, middle-income, professional consumers with an annual per capita income that puts them among China's wealthiest. Since the onset of China's reform program,

9024-485: Was planned. HSBC would no longer seek to be 'the world's local bank', as costs associated with this were spiraling and US$ 3.5 billion needed to be saved by 2013, with the aim of bringing overheads down from 55% of revenues to 48%. In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry. Group Chief Executive Michael Geoghegan was expected to become

9120-595: Was registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong . HSBC Holdings plc, originally incorporated in England and Wales, was a non-trading, dormant shelf company when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of

9216-424: Was succeeded as chief executive by Stuart Gulliver , while Green was succeeded as chairman by Douglas Flint ; Flint was serving as HSBC's finance director (chief financial officer). August 2011: Further to CEO Stuart Gulliver's plan to cut $ 3.5 billion in costs over the next two years, HSBC announced that it will cut 25,000 jobs and exit from 20 countries by 2013 in addition to 5,000 job cuts announced earlier in

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