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Key Events
HSBC Key Events
Key Events in the Growth of the HSBC Group
The HSBC Group evolved from The Hongkong and Shanghai Banking Corporation Limited, which was founded in 1865 in Hong Kong with offices in Shanghai and London and an agency in San Francisco. The Group expanded primarily through offices established in the bank's name until the mid-1950s when it began to create or acquire subsidiaries. The following are some key developments in the Group's growth since 1959.
| 1959 | The Hongkong and Shanghai Banking Corporation acquires The British Bank of the Middle East (formerly the Imperial Bank of Persia, now called HSBC Bank Middle East Limited). |
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| 1965 | The Hongkong and Shanghai Banking Corporation acquires a majority shareholding in Hang Seng Bank Limited, now the second-largest bank incorporated in Hong Kong. |
| 1972 | Midland Bank acquires a shareholding in UBAF Bank Limited (now known as British Arab Commercial Bank Limited). |
| 1978 | The Saudi British Bank is established under local control to take over The British Bank of the Middle East's branches in Saudi Arabia. |
| 1980 | The Hongkong and Shanghai Banking Corporation acquires 51% of New York State's Marine Midland Bank, N.A. (now called HSBC Bank USA, N.A.). Midland Bank acquires a controlling interest in leading German private bank Trinkaus& Burkhardt KGaA (now HSBC Trinkaus & Burkhardt AG). |
| 1981 | Hongkong Bank of Canada (now HSBC Bank Canada) is established in Vancouver. |
| 1982 | Egyptian British Bank S.A.E. is formed, with the Group holding a 40% interest. The Group now holds 94.5% in the renamed HSBC Bank Egypt S.A.E. |
| 1983 | Marine Midland Bank acquires Carroll McEntee & McGinley (now HSBC Securities (USA) Inc.). |
| 1986 | HongkongBank of Australia Limited (now HSBC Bank Australia Limited) is established. |
| 1987 | The Hongkong and Shanghai Banking Corporation acquires the remaining shares of Marine Midland and a 14.9% equity interest in Midland Bank plc (now HSBC Bank plc). |
| 1991 | HSBC Holdings is established; its shares are traded on the London and Hong Kong stock exchanges. |
| 1992 | HSBC Holdings purchases the remaining equity in Midland Bank. |
| 1993 | The HSBC Group's Head Office moves to London. |
| 1994 | Hongkong Bank Malaysia Berhad (now HSBC Bank Malaysia Berhad) is formed. |
| 1997 | In Brazil, the Group establishes Banco HSBC Bamerindus S.A. (now HSBC Bank Brasil S.A.-Banco Múltiplo), and acquires Roberts S.A. de Inversiones in Argentina (now HSBC Argentina Holdings S.A.). |
| 1999 | Shares in HSBC Holdings begin trading on a third stock exchange, New York. HSBC acquires Republic New York Corporation (now integrated with HSBC USA Inc.) and its sister company Safra Republic Holdings S.A. (now HSBC Holdings (Luxembourg) S.A.). Midland Bank acquires a 70.03% interest in Mid-Med Bank p.l.c. (now HSBC Bank Malta p.l.c.), Malta's largest commercial bank. |
| 2000 | HSBC acquires CCF (now HSBC France), one of France's largest banks. Shares in HSBC Holdings are listed on a fourth stock exchange, in Paris. |
| 2001 | HSBC acquires Demirbank TAS, now HSBC Bank A.S., Turkey's fifth largest private bank; and signs an agreement to purchase an 8% stake in Bank of Shanghai. |
| 2002 | Acquisitions include Grupo Financiero Bital, S.A. de C.V. (now Grupo Financiero HSBC, S.A. de C.V.), one of Mexico's largest financial services groups. |
| 2003 | HSBC acquires Household International, Inc. (now HSBC Finance Corporation); and Losango Promotora de Vendas Ltda in Brazil. Four French private banking subsidiaries combine to form HSBC Private Bank France. HSBC Insurance Brokers Limited forms a joint venture, Beijing HSBC Insurance Brokers Limited. Hang Seng Bank acquires 15.98% of Industrial Bank Co Ltd, a mainland China commercial bank. |
| 2004 | HSBC acquires The Bank of Bermuda Limited and shares in HSBC Holdings are listed on a fifth stock exchange, in Bermuda. The Hongkong and Shanghai Banking Corporation acquires 19.9% of Bank of Communications Limited, China's fifth largest bank, since reduced to 19%. |
| 2005 | HSBC acquires 9.91% of Ping An Insurance (Group) Company of China, Ltd, subsequently increased to 16.8%. HSBC Finance Corporation acquires Metris Companies Inc. |
| 2006 | HSBC acquires the Panama-based Grupo Banistmo S.A., the leading banking group in Central America. |
| 2007 | In China, HSBC is one of the first foreign banks to incorporate locally under the name HSBC Bank (China) Company Limited, and HSBC Rural Bank opens for business in Hubei Province. In Vietnam, HSBC acquires 10% of Bao Viet, the country's top insurer. In Taiwan, HSBC obtains agreement to acquire certain businesses and operations of The Chinese Bank Co., Ltd. |
| 2008 | Chongqing Dazu HSBC Rural Bank Company Limited opens, making HSBC the first foreign-owned rural bank in western China. HSBC increases its stake in Vietnam's Techcombank from 14.4% to 20%. |
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