History of HSBC in Timeline
HSBC Holdings plc is a British multinational universal bank and financial services group headquartered in London. With historical ties to East Asia, it operates globally and is the largest Europe-based bank by assets under management (US$3.098 trillion as of September 2024). HSBC ranks as the 7th largest bank worldwide by AUM, and the 3rd largest non-state owned bank.
1921: Bangkok Building Construction
In 1921, new HSBC buildings were constructed in Bangkok.
1922: Manila Building Construction
In 1922, new HSBC buildings were constructed in Manila.
1923: Shanghai Building Construction
In 1923, new HSBC buildings were constructed in Shanghai.
1935: New Hong Kong Head Office
In 1935, a new head office building was constructed in Hong Kong for HSBC.
1941: Shanghai Stock Exchange Closure
In 1941, shares of HSBC, previously traded on the Shanghai Stock Exchange, ceased trading when the Japanese closed the exchange.
1947: Entry into Brunei
HSBC entered Brunei in 1947, expanding its presence in the region.
1953: Michael Turner Became Chief Manager
In 1953, Michael Turner became chief manager of HSBC and began diversifying the business.
1955: Establishment of The Hong Kong and Shanghai Banking Corporation of California
In 1955, Michael Turner established The Hong Kong and Shanghai Banking Corporation of California.
Aug 1959: Acquisition of The British Bank of the Middle East and the Mercantile Bank
In Aug 1959, HSBC acquired The British Bank of the Middle East and the Mercantile Bank.
1962: Jake Saunders Succeeds Michael Turner
In 1962, Jake Saunders succeeded Michael Turner as chief manager.
1964: Executive Chairmanship Supersedes Chief Managership
In 1964, the Chief Managership was superseded as the top executive role in HSBC by an Executive Chairmanship.
1983: Adoption of Hexagon Symbol
The hexagon symbol was originally adopted by the Hongkong and Shanghai Banking Corporation as its logo in 1983. It was developed from the bank's house flag and based on the cross of Saint Andrew.
1986: Completion of Hong Kong Building
In 1986, the present HSBC building in Hong Kong, designed by Sir Norman Foster, was completed, noted as one of the most expensive and technologically advanced buildings in the world.
October 1989: Registered as a regulated bank
On 6 October 1989, HSBC was registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong.
March 1991: Transformation into Parent Holding Company
On 25 March 1991, HSBC Holdings plc completed its transformation into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited.
1991: Establishment of HSBC Holdings plc
In 1991, HSBC Holdings plc, the present parent legal entity, was established in London.
1991: Group Chairman Position Formed
In 1991, the position of Group Chairman was formed; the preceding position, Chairman of The Hongkong and Shanghai Banking Corporation, has remained a separate position.
1991: Group Chief Executive Position Formed
In 1991, the position of Group Chief Executive was formed; the preceding position, chief executive of The Hongkong and Shanghai Banking Corporation, has remained a separate position.
1992: Acquisition of Midland Bank Completed
In 1992, HSBC Holdings' acquisition of Midland Bank was completed, giving HSBC a substantial market presence in the United Kingdom.
1993: Relocation of World Headquarters
In 1993, HSBC Holdings plc relocated its world headquarters from Hong Kong to London.
1993: HSBC Moves Headquarters to London
In 1993, HSBC moved its headquarters to London, though Hong Kong remains its largest market.
March 1997: Purchase of Banco Bamerindus of Brazil
In March 1997, HSBC purchased the Banco Bamerindus of Brazil for $1 billion.
May 1997: Acquisition of Roberts SA de Inversiones of Argentina
In May 1997, HSBC acquired Roberts SA de Inversiones of Argentina for $600 million.
November 1998: HSBC Adopts Unified Brand
In November 1998, HSBC announced the adoption of the HSBC brand and hexagon symbol as the unified brand in all markets, aiming to enhance recognition worldwide.
May 1999: Purchase of Republic National Bank of New York
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.
April 2000: Acquisition of Cru00e9dit Commercial de France
In April 2000, HSBC acquired Crédit Commercial de France for £6.6 billion.
2000: Peter Braunwalder former head of HSBC Swiss
In August 2019, the former head of HSBC Swiss from 2000 to 2008, Peter Braunwalder pleaded guilty in a French court for helping wealthy clients hide $1.8 billion.
July 2001: Purchase of Demirbank
In July 2001 HSBC bought Demirbank, an insolvent Turkish bank.
July 2002: Purchase of Andersen's Tax Practice Portion
In July 2002, HSBC USA, Inc. announced it would purchase a portion of Andersen's tax practice through a new subsidiary, Wealth and Tax Advisory Services USA Inc. (WTAS).
August 2002: Acquisition of Grupo Financiero Bital, SA de CV
In August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank, for $1.1 billion.
November 2002: Acquisition of Household Finance Corporation
In November 2002, HSBC acquired Household Finance Corporation (HFC) for £9 billion (US$15.5 billion).
April 2003: Opening of New Headquarters in London
In April 2003, the new headquarters of HSBC Holdings at 8 Canada Square, London officially opened.
July 2003: Acquisition of Asset Management Technology (AM TeK)
In July 2003, HSBC announced it would acquire 82.19% of Asset Management Technology (AM TeK) for $12.47 million in cash.
2003: HFC Rebranded as HSBC Finance
In 2003, HFC was renamed HSBC Finance and became the second largest subprime lender in the United States.
2003: U.S. regulators ordered HSBC to strengthen its anti-money laundering practices
In 2003, U.S. regulators ordered HSBC to strengthen its anti-money laundering practices.
December 2004: Acquisition of Marks & Spencer Retail Financial Services Holdings Ltd
In December 2004, HSBC acquired Marks & Spencer Retail Financial Services Holdings Ltd for £763 million.
March 2005: Alan Jebson Discusses Global Service Centers
In March 2005, COO Alan Jebson expressed that he would be very surprised if fewer than 25,000 people were working in the centers over the next three years.
November 2005: Launch of HSBC Direct in the USA
In November 2005, HSBC Direct, a telephone/online direct banking operation, was first launched in the USA.
2005: Accusations of Money Laundering
In 2005, Bloomberg Markets magazine accused HSBC of money laundering for drug dealers and state sponsors of terrorism.
April 2006: Acquisition of Banca Nazionale del Lavoro Branches in Argentina
In April 2006, HSBC bought the 90 branches in Argentina of Banca Nazionale del Lavoro for $155 million.
July 2006: Acquisition of Westpac's Sub-Custody Operations
In July 2006, HSBC announced it would acquire Westpac's sub-custody operations in Australia and New Zealand for $112.5 million.
November 2006: HSBC Partners with SOS Children
In November 2006, HSBC announced a $5 million partnership with SOS Children as part of Future First.
2006: Failure to conduct AML of bulk cash transactions
From mid-2006 to mid-2009, HBUS failed to conduct any AML of $15 billion in bulk cash transactions from HSBC affiliates.
October 2007: Increased Capital and Lending to UK Banks
In October 2007, HSBC increased its capital and lent £4 billion to other UK banks.
December 2007: Acquisition of the Chinese Bank in Taiwan
2007: Hacking of HSBC Account Records
In 2007, HSBC account records were hacked by Hervé Falciani, which later formed the basis of the Swiss Leaks investigation.
2007: Write-Down of Subprime Mortgage Securities
In 2007, HSBC wrote down its holdings of subprime-related mortgage securities by $10.5 billion.
May 2008: Acquisition of IL&FS Investment
In May 2008, HSBC acquired IL&FS Investment, an Indian retail broking firm.
August 3, 2008: Banking Operations Begin in Algeria
On August 3, 2008, HSBC began its banking operations in Algeria with the opening of a branch in Algiers.
2008: Profit Announcement
In 2008, HSBC announced a profit of US$9.3 billion.
2008: HSBC Loses Customer Data Disc
In 2008, HSBC announced the loss of a disc containing details of 370,000 customers. The bank was later fined over £3 million for data protection failures.
2008: HSBC Mexico CEO Informed of Drug Lord Recording
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 a preferred location for money laundering.
2008: Failure to report suspicious transactions in Argentina
In 2012, HSBC was fined $14 million by Argentina for failing to report suspicious transactions in the country in 2008.
2008: Peter Braunwalder former head of HSBC Swiss
In August 2019, the former head of HSBC Swiss from 2000 to 2008, Peter Braunwalder pleaded guilty in a French court for helping wealthy clients hide $1.8 billion.
March 2009: Announced Rights Issue and Share Price Fall
In March 2009, HSBC announced a £12.5 billion rights issue, which led to a 24.14% fall in its share price on 9 March 2009.
March 2009: Shutdown of HSBC Finance Branch Network
In March 2009, HSBC announced it would shut down the branch network of its HSBC Finance arm in the United States, leading to nearly 6,000 job losses.
September 2009: Launch of business direct in Poland
In September 2009, Poland is launching business direct.
2009: Failure to conduct AML of bulk cash transactions
From mid-2006 to mid-2009, HBUS failed to conduct any AML of $15 billion in bulk cash transactions from HSBC affiliates.
2009: HSBC Sponsors British & Irish Lions Tour
HSBC sponsored British & Irish Lions during their 2009 tour to South Africa.
2009: Cessation of banking operations in Nicaragua
In 2009, HSBC ceased its banking operations in Nicaragua.
September 2010: Executive Changes
On 23 September 2010, Michael Geoghegan announced he would step down as chief executive of HSBC, succeeded by Stuart Gulliver. Green was succeeded as chairman by Douglas Flint.
October 2010: HSBC Becomes Title Sponsor of World Sevens Series
In October 2010, the International Rugby Board announced a 5-year deal with HSBC, granting them status as the first-ever title sponsor of the World Sevens Series.
October 2010: Cease and Desist Order from United States OCC
In October 2010, the United States OCC issued a Cease and Desist Order requiring HSBC to strengthen multiple aspects of its Anti-Money Laundering (AML) program.
2010: HSBC Named Official Banking Partner of the Open Championship
In 2010, HSBC was named the 'Official Banking Partner' of the Open Championship in a five-year deal.
2010: Stephen Green Planned Departure
In 2010, then-chairman Stephen Green planned to depart HSBC to accept a government appointment in the Trade Ministry.
2010: HSBC serving alleged criminals and corrupt corporations
The FinCEN Files showed that HSBC continued to serve alleged criminals and corporations involved in government corruption in 2010.
April 2011: Shutdown of Retail Banking Business in Russia
On 25 April 2011, HSBC decided to shut down its retail banking business in Russia and reduce its private banking presence to a representative office.
August 2011: Sale of US Branches and Credit Card Business
In August 2011, HSBC agreed to sell 195 branches in New York and Connecticut to First Niagara Financial Group Inc, and divestitures to KeyCorp, Community Bank, N.A. and Five Star Bank for around $1 billion. Also on 9 August 2011, Capital One Financial Corp agreed to acquire HSBC's U.S. credit card business for $2.6 billion.
August 2011: Job Cuts and Country Exits
In August 2011, HSBC announced it would cut 25,000 jobs and exit from 20 countries by 2013.
2011: HSBC's profit
A December 2012 CNNMoney article compared the 1.9 billion dollar fine to HSBC's profit of 16.8 billion in 2011.
2011: Retail Banking and Wealth Management (RBWM) rename announcement
During HSBC's 2011 Investor Day, it was announced that Personal Financial Services (PFS) would be renamed Retail Banking and Wealth Management (RBWM).
2011: Renaming of Personal Financial Services
In 2011, HSBC announced the renaming of its Personal Financial Services (PFS) business group to Retail Banking and Wealth Management (RBWM).
2011: Cessation of banking operations in Georgia
In 2011, HSBC ceased banking operations in Georgia.
July 2012: US Senate committee report on money-laundering rules breach
In July 2012, a US Senate committee issued a report which stated that HSBC had been in breach of money-laundering rules, and had assisted Iran and North Korea to circumvent US nuclear-weapons sanctions.
July 2012: India investigates safety compliance violations
On 19 July 2012, India investigated alleged violation of safety compliance, in which Indian employees were believed to be involved.
November 2012: Report of HSBC setting up offshore accounts in Jersey for criminals
In November 2012, it was reported that HSBC had set up offshore accounts in Jersey for suspected drug-dealers and other criminals, leading to an investigation by HM Revenue and Customs.
November 2012: Allegations of Indian bank accounts hiding black money
On 9 November 2012, Indian activist and politician Arvind Kejriwal said he had details of 700 Indian bank accounts hiding black money with HSBC in Geneva.
December 2012: Article comparing fine to HSBC's profit
A December 2012 CNNMoney article compared the 1.9 billion dollar fine to HSBC's profit "last year" (2011).
December 2012: Suggestion against criminal prosecution of HSBC
In December 2012, Assistant U.S. Attorney General Lanny Breuer suggested that the U.S. government might resist criminal prosecution of HSBC to prevent systemic economic effects and job losses.
December 2012: HSBC Agrees to Record Fine in Money Laundering Case
In December 2012, HSBC agreed to pay a record $1.92 billion fine in a money laundering case after overlooking internal warnings about inadequate monitoring systems. The Justice Department chose not to pursue criminal penalties.
December 2012: Penalty for violating U.S. laws
In December 2012, HSBC was penalized $1.9 billion (US) for violating U.S. laws, including laundering drug proceeds and processing transactions for sanctioned countries.
2012: Cessation of banking operations in Slovakia
In 2012, HSBC ceased banking operations in Slovakia as part of its strategic realignment.
2012: U.S. Senate Subcommittee Hearings on Anti-Money Laundering Deficiencies
In 2012, HSBC faced U.S. Senate hearings due to severe deficiencies in its anti-money laundering practices, including transferring $7 billion in banknotes from Mexico to the US, disregarding terrorist financing links, and circumventing US safeguards by hiding $19.4 billion in transactions with Iran.
2012: Sale of businesses in multiple countries
In 2012, HSBC sold its businesses in Costa Rica, El Salvador, Honduras, Colombia, Peru, Uruguay, Paraguay, and Hungary as part of its global restructuring efforts.
2012: Fine by Argentina for failure to report suspicious transactions
In 2012, HSBC was fined $14 million by Argentina for failing to report suspicious transactions in the country in 2008.
2012: US Senate Investigators Sought Hacked HSBC Account Records
In 2012, US Senate investigators sought the hacked HSBC account records from Falciani and French authorities, but never received the data.
January 2013: Search warrants and raids beginning
Following search warrants and raids beginning in January 2013, Argentina's main taxing authority accused HSBC of financial crimes.
February 2013: CEO acknowledges structure "not fit for purpose"
In early February 2013, CEO Stuart Gulliver acknowledged that the structure of the bank had been "not fit for purpose" before UK's Parliamentary Banking Standards Commission.
March 2013: Accusation of using fake receipts for money laundering and tax evasion
In mid-March 2013 Argentina's main taxing authority accused HSBC of using fake receipts and dummy accounts to facilitate money laundering and tax evasion.
May 2013: Business Strategy Refocus and Retrenchment
On 11 May 2013, HSBC announced it would refocus its business strategy and planned a large-scale retrenchment of operations, particularly in respect of the retail sector.
June 2013: Undercover expose of HSBC officers agreeing to launder "black money"
In June 2013, a media outlet in India did an undercover expose where HSBC officers were caught on camera agreeing to launder "black money."
July 2013: Alan Keir Appointed Chief Executive of HSBC Bank plc
In July 2013, Alan Keir was appointed chief executive of HSBC Bank plc, succeeding Brian Robertson. Keir's responsibilities included overseeing the firm's UK, European, Middle Eastern, and African divisions.
2013: Planned Job Cuts
By the end of 2013, HSBC had planned to cut 25,000 roles.
2013: HSBC Sponsors British & Irish Lions Tour
HSBC sponsored British & Irish Lions during their 2013 tour to Australia.
2013: HSBC Ceases Retail Banking Operations in South Korea
In 2013, HSBC ceased retail banking operations in South Korea.
June 2014: HSBC Life (UK) Limited Agrees to Sell UK Pensions Business
In June 2014, HSBC Life (UK) Limited agreed to sell its £4.2 billion UK pensions business to Swiss Re.
November 2014: Accusations of tax fraud and money laundering by Belgian Prosecutors
In November 2014, HSBC was accused of tax fraud and money laundering by Belgian Prosecutors for helping hundreds of clients move money into offshore tax havens.
December 2014: Scott leaves role as European head of foreign exchange trading in London
In July 2016, The United States Department of Justice charged two executives from HSBC Bank over an alleged $3.5 billion currency scheme which defrauded HSBC clients, Stuart Scott, was HSBC's European head of foreign exchange trading in London until December 2014.
2014: Sale of businesses in Kazakhstan, Pakistan, Jordan, Libya, Cook Islands and Cayman Islands
HSBC sold its businesses in Kazakhstan, Pakistan, Jordan, Libya, Cook Islands and Cayman Islands in 2014.
2014: Fine by US CFTC for Forex scandal
In 2014, the bank was fined US$275m by the US CFTC for taking part in the Forex scandal.
February 2015: International Consortium of Investigative Journalists Releases Swiss Leaks Information
In February 2015, the International Consortium of Investigative Journalists (ICIJ) released information about HSBC's business conduct under the title Swiss Leaks, alleging that the bank profited from business with corrupt individuals.
February 2015: Release of Swiss Leaks information by ICIJ
In February 2015, the International Consortium of Investigative Journalists released information about the bank's business conduct under the title Swiss Leaks, alleging the bank profited from tax evasion.
June 2015: Fine by Geneva authorities for money laundering
In June 2015, HSBC was fined by the Geneva authorities after an investigation into money laundering within its Swiss subsidiary.
August 2015: HSBC to Sell Brazilian Unit to Banco Bradesco
In August 2015, HSBC announced it would be selling its Brazilian unit to Banco Bradesco for $5.2 billion due to years of disappointing performance.
August 2015: HSBC Fails to Process Payments
In August 2015, HSBC failed to process BACS payments, leading to unpaid salaries and disrupted house purchases.
2015: Cessation of banking operations in Palestine
HSBC ceased banking operations in Palestine in 2015.
2015: Lawsuit Filed Against HSBC for Spam Phone Calls
In January 2020, HSBC agreed to pay a $2.4 million settlement for a lawsuit filed in 2015 by customers who stated they received spam phone calls from the company.
April 2016: Commencement of winding down operations in Brunei
In April 2016, HSBC commenced winding down its operations in Brunei, citing network optimization and reduced complexity.
2016: HSBC Mentioned in Panama Papers Investigation
In 2016, HSBC was mentioned numerous times in connection with the Panama Papers investigation, leading to scrutiny over its handling of Syrian accounts and relationships with sanctioned individuals.
2016: Lawsuit by American families for processing funds for cartel
In 2016, HSBC was sued by American families involved in deaths by organized-crime gangs for processing funds ("money laundering") for the Sinaloa cartel.
2016: Discovery of suspected money laundering network
In July 2021, HSBC disclosed that in 2016 it discovered a suspected money laundering network.
2016: HSBC serving alleged criminals and corrupt corporations
The FinCEN Files showed that HSBC continued to serve alleged criminals and corporations involved in government corruption until 2016.
March 2017: HSBC Involved in Global Laundromat Investigation
In March 2017, The Guardian reported that HSBC was among banks facing questions over their role in the Global Laundromat scheme, having processed $545.3 million in suspicious money transfers.
October 2017: John Flint to Succeed Stuart Gulliver as Group Chief Executive
Also in October 2017, HSBC announced that John Flint would succeed Stuart Gulliver as Group Chief Executive on 21 February 2018.
October 2017: Mark Tucker Succeeded Douglas Flint as Group Chairman
In October 2017, Mark Tucker succeeded Douglas Flint as group chairman of HSBC, becoming the first non-executive and outside chairman appointed by the group.
November 2017: Agreement to pay to settle French investigation
In November 2017, HSBC agreed to pay $352 million to settle a French investigation into the case.
2017: Conviction upheld
November 2020 the U.S. Supreme Court declined to hear an appeal of his 2017 conviction, which was previously upheld by the United States Court of Appeals for the Second Circuit.
January 2018: Agreement to pay fine
In January 2018 HSBC agreed to pay a $101.5 million fine over the case.
February 2018: John Flint Becomes Group Chief Executive
On February 21, 2018, John Flint succeeded Stuart Gulliver as Group Chief Executive of HSBC.
July 2018: High Court of Justice rules against extraditing Scott
In July 2018 the High Court of Justice ruled against extraditing Scott to the United States since most of the alleged crimes took place in Britain and because Scott has no significant connection to the United States.
December 2018: HSBC to Divest from Elbit Systems Ltd.
In December 2018, HSBC confirmed its divestment from Elbit Systems Ltd., an Israeli military contractor, citing its commitment to international human rights principles. The Palestine Solidarity Campaign hailed this decision as a victory for the Boycott, Divestment, and Sanctions movement, while other sources attributed it to an investment decision.
2018: HSBC to Pay $765 Million Fine
In 2018, HSBC agreed to pay a $765 million fine to settle claims it mis-sold Residential mortgage-backed securities between 2005 and 2007.
2018: HSBC Makes Minor Changes to Logo
In 2018, HSBC made minor changes to their logo. The wordmark was repositioned from left to the right, resized to be smaller, and was switched from Serif to a licensed custom font called Univers Next for HSBC. The logo red was made slightly darker red.
2018: Fine by South Africa's central bank for AML weaknesses
In 2018, HSBC was fined 15 million rand by South Africa's central bank for weaknesses in its processes meant to detect money laundering and terrorism financing.
August 2019: Agreement to pay to settle the case
In August 2019, HSBC agreed to pay $336 million to settle the case.
August 2019: Guilty plea by former head of HSBC Swiss
In August 2019, the former head of HSBC Swiss from 2000 to 2008, Peter Braunwalder pleaded guilty in a French court for helping wealthy clients hide $1.8 billion.
August 2019: Flint Leaving, Quinn Temporarily Fills Role
On August 5, 2019, it was announced that John Flint was leaving and his role would be filled on a temporary basis by Noel Quinn.
December 2019: Agreement to pay US fine
In December 2019, HSBC Swiss agreed to pay a $192 million United States fine for the case.
2019: Stopping Amanah offering in multiple countries
As of 2019, HSBC stopped offering Amanah in Bahrain, Bangladesh, Indonesia, Singapore and the UAE.
2019: Corporate Profits Decreased
In 2019, HSBC announced that corporate profits decreased by 33%, leading to the need to cut 35,000 jobs worldwide in February 2020.
January 2020: HSBC Agrees to Settlement for Spam Phone Calls
In January 2020, HSBC agreed to pay a $2.4 million settlement for a lawsuit filed in 2015 by customers who stated they received spam phone calls from the company.
February 2020: HSBC Announces Job Cuts Worldwide
In February 2020, HSBC announced it would cut 35,000 jobs worldwide after corporate profits decreased by 33% in 2019.
March 2020: Noel Quinn Appointed Permanently
In March 2020, Noel Quinn was permanently appointed Group Chief Executive.
June 2020: HSBC Backs Beijing's National Security Law
In June 2020, on the eve of the anniversary of the Tiananmen Square protests, HSBC publicly backed Beijing's controversial new national security law for Hong Kong. Peter Wong, chief executive for HSBC's Asia-Pacific division, signed a petition supporting the law, stating that HSBC respects all laws that stabilise Hong Kong's social order.
August 2020: HSBC Freezes Accounts of Pro-Democracy Activists
Since August 2020, HSBC has frozen the accounts of numerous pro-democratic organizations and activists, and their families, including Jimmy Lai, Ted Hui and the Good Neighbour North District Church.
October 2020: Fine over the Euribor rate scandal in Switzerland
In October 2020 HSBC was fined about $2.2 million over the Euribor rate scandal in Switzerland.
October 2020: HSBC Commits to Zero-Emission Target
In October 2020, HSBC committed to achieving zero-emission by 2050, including becoming carbon neutral and working only with carbon-neutral clients. It also pledged significant financial support for clients' transition.
November 2020: U.S. Supreme Court declines appeal
November 2020 the U.S. Supreme Court declined to hear an appeal of his 2017 conviction, which was previously upheld by the United States Court of Appeals for the Second Circuit.
2020: HSBC Merges Business Lines
In 2020, HSBC announced merging two of its business lines, Retail Banking and Wealth Management & Global Private Banking to form a new business unit as Wealth and Personal Banking.
2020: Possible breaches of Australia's anti money laundering laws
In 2020, HSBC told AUSTRAC that it may have broken Australia's anti money laundering and counter-terrorism laws.
January 2021: HSBC to Close Branches in Britain
In January 2021, HSBC announced that it would be closing 82 branches in Britain.
January 2021: HSBC CEO Defends Relationship with Chinese Authorities
In January 2021, the CEO of HSBC defended its relationship with Chinese authorities in Hong Kong and the freezing of Ted Hui's account to the United Kingdom's parliamentary foreign affairs committee.
February 2021: Judge rules Johnson need not report until vaccinated
In February 2021 a judge ruled that Johnson would not need to report to prison until he is vaccinated against COVID-19.
February 2021: Inter-Parliamentary Alliance Calls for Unfreezing of Funds
In February 2021, more than 50 members of the Inter-Parliamentary Alliance on China called for the immediate unfreezing of funds belonging to Ted Hui and his family.
May 2021: HSBC Announces Exit of US Retail Banking Business
In May 2021, HSBC announced the exit of its US retail banking business, selling branches to Cathay Bank and Citizens Financial Group, and closing the remaining branches, to focus on globally connected affluent clients.
May 2021: HSBC Commits to End Financing of Coal Industry
In May 2021, HSBC committed to end the financing of the coal industry, with a commitment to publish a new coal policy and provide further detail on its climate strategy by the end of 2021.
July 2021: Disclosure of suspected money laundering network
In July 2021, HSBC disclosed that in 2016 it discovered a suspected money laundering network.
August 2021: HSBC Announces Acquisition of AXA Singapore
In August 2021, HSBC announced the acquisition of AXA Singapore by HSBC Insurance (Asia-Pacific) Holdings Ltd for $575 million.
December 2021: HSBC Asset Management Announces Acquisition of L&T Investment Management
In December 2021, HSBC Asset Management (India) Private Ltd announced it would acquire L&T Investment Management for $425 million from L&T Finance Holdings.
December 2021: HSBC Publishes Thermal Coal Phase-Out Policy
In December 2021, HSBC published its "Thermal Coal Phase-Out Policy", detailing its commitment to ending financing of the coal industry.
December 2021: Fine by British regulators for AML failings
In December 2021, HSBC was fined 64 million pounds by British regulators for failings in its anti-money laundering processes.
2021: Assets Under Custody and Administration
In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).
June 2022: HSBC Announces Intention to Sell Business in Russia
In June 2022, HSBC announced its intention to sell its business in Russia, pending government approval, projecting a $300 million loss.
July 2022: HSBC Opens Chinese Communist Party Committee in Investment Banking Subsidiary
In July 2022, HSBC became the first foreign lender to open a Chinese Communist Party (CCP) committee in its Chinese investment banking subsidiary, HSBC Qianhai Securities.
2022: Zhou Guanyu Becomes HSBC Ambassador
In 2022, Zhou Guanyu, the first Chinese F1 driver in history, became an ambassador for the Chinese subsidiary of HSBC.
2022: HSBC profits almost doubled
In February 2023, HSBC announced that its profits for the last quarter of 2022 had almost doubled compared to those at the same time the previous year.
February 2023: HSBC Announces Doubled Profits but Falls in Pre-Tax Profit
In February 2023, HSBC announced that its profits for the last quarter of 2022 had almost doubled, but 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.
May 2023: HSBC Holdings Reports Increase in Quarterly Profit
In May 2023, HSBC Holdings reported a 212% increase in quarterly profit as interest rates increased globally.
May 2023: HSBC Defeats Proposal to Spin Off Asia Business
In May 2023, HSBC defeated a proposal, backed by its largest stakeholder Chinese insurer Ping An, to consider spinning off its Asia business into a Hong Kong-listed entity.
June 2023: HSBC Announces Intentions to Exit Canary Wharf Headquarters
In June 2023, HSBC announced its intentions to exit its world headquarters at 8 Canada Square in Canary Wharf when its lease expires in 2027, planning to move to a building in the City of London near St Paul's Cathedral.
December 2023: HSBC Asset Management to Acquire Silkroad Property Partners
In December 2023, HSBC Asset Management announced they would be acquiring the Singapore Based Investment manager, Silkroad Property Partners, expanding its real estate fund management capabilities in the region.
December 2023: HSBC Announces Intention to Move Head Office
In December 2023, HSBC announced its intention to move its head office from 8 Canada Square to 81 Newgate Street when the lease on the former building expires in 2027.
2023: Forbes Ranking
As of 2023, HSBC was ranked no. 20 in the world in the Forbes rankings of large companies.
2023: Report Released on HSBC's Actions in Hong Kong
In 2023 an All-party parliamentary group released a report regarding the actions of the bank's operations in Hong Kong. The report found that HSBC was complicit in human rights abuses.
2023: HSBC Ceases Retail Banking Operations in Oman
In 2023, HSBC ceased retail banking operations in Oman.
2023: Sale of business in Greece
In 2023, HSBC sold its business in Greece.
2023: Expected completion of the transaction
In November 2022, it was expected that the completion of the transaction for RBC's purchase of HSBC Canada would be in late 2023.
February 2024: Russia Approves HSBC's Sale to Expobank
In February 2024, the President of Russia allowed HSBC and Expobank to carry out the transaction for the sale of HSBC's Russian business.
April 2024: HSBC Announces Sale of Argentina Business
On 9 April 2024, HSBC announced the sale of its Argentina business to Galicia for $550 million, awaiting government approval. HSBC was also approved to exit its Armenia holdings in a sale to Ardshinbank on 27 August.
September 2024: Assets Under Management
As of September 2024, HSBC is the largest Europe-based bank by total assets under management (AUM), with US$3.098 trillion, ranking it 7th largest globally by AUM.
2024: Largest Shareholders in HSBC
Around 44% of HSBC shares are held by the general public and around 56% are held by institutions. The largest shareholders in early 2024 were...
2024: HSBC Philippines Launches "Omni Collect"
In 2024, HSBC Philippines launched "Omni Collect" to allow companies to connect to HSBC's single API to offer and manage payments across multiple channels.
2024: HSBC Announces Zing App
In 2024, HSBC announced an international payments app, Zing, a competitor to Revolut and Wise apps, focusing on retail customers and low-cost currency exchange.
2024: HSBC Ceases Retail Banking Operations in New Zealand, Mauritius and France
In 2024, HSBC ceased retail banking operations in New Zealand, Mauritius and France.
2024: HSBC Develops Roadmap to Phase Out Cheques in Hong Kong
In 2024, HSBC, as part of the Hong Kong Association of Banks, began developing a roadmap to phase out cheques in the city and switch to electronic payments.
2024: HSBC Canada's estimated earnings
In November 2022, it was estimated that RBC's purchase of HSBC Canada would be 9.4 times HSBC Canada's 2024 earnings.
January 2025: HSBC Announces Investment Banking Unit Closures
In January 2025, HSBC announced the closure of some of its investment banking units in Europe, UK, and US, followed by job cuts as part of restructuring efforts by CEO Georges Elhedery.
January 2025: HSBC to Shut Down Zing App
In January 2025, HSBC decided to shut down the Zing app only one year after its launch, as part of a cost-cutting drive.
2026: Expected cost savings from revamps
HSBC's restructuring revamps were expected to bring $1.8 billion cost savings by the end of 2026.
2027: Expected Head Office Move
In December 2023, HSBC announced its intention to move its head office from 8 Canada Square to 81 Newgate Street when the lease on the former building expires in 2027.
2027: Expiration of Canary Wharf Lease
In June 2023, HSBC announced its plans to relocate its world headquarters upon the expiration of its lease at 8 Canada Square in Canary Wharf in 2027.
2030: Target for carbon neutrality in operations
By 2030, HSBC pledged to achieve carbon neutrality in its own operations, as part of its zero-emission commitment announced in October 2020.
2050: Target year for zero-emission
By 2050, HSBC aims to achieve zero-emission, including becoming carbon neutral and working only with carbon-neutral clients, as committed in October 2020.
