July 23, 2014 12:18 PM ET


Company Overview of The Hongkong and Shanghai Banking Corporation Limited

Company Overview

The Hongkong and Shanghai Banking Corporation Limited, together with its subsidiaries, provides banking and related financial services principally in the Asia-Pacific region. The company offers various financial products and services, including current and savings accounts, mortgages and personal loans, credit cards, debit cards, insurance, asset management services, wealth management, and local and international payment services to meet the personal banking, consumer lending, and wealth management needs of individual customers. It also provides commercial banking products and services, such as payments and cash management, international trade finance, treasury and capital markets, commercia...

HSBC Main Building

1 Queens Road


Hong Kong

Founded in 1865

67,021 Employees


852 2822 1111


852 2810 1112

Key Executives for The Hongkong and Shanghai Banking Corporation Limited

Deputy Chairman
Age: 62
Chief Financial Officer
Age: 46
Global Head Private Wealth Solutions and Chief Executive Officer of Private Bank North Asia
Chief Executive Officer of Hong Kong
Age: 53
Chief Executive Officer of HSBC Bangladesh
Compensation as of Fiscal Year 2014.

The Hongkong and Shanghai Banking Corporation Limited Key Developments

Vinda International Seeks Strategic Alternatives

The Board of Directors (the ''Board'') of Vinda International Holdings Limited (SEHK:3331) said that it has mandated The Hongkong and Shanghai Banking Corporation Limited as advisor to assist the company in conducting a strategic review of its business including exploring cooperation, acquisitions and integration opportunities. The strategic review aims at further enhancing the value and future growth potential of the Company and also maximizing shareholders' value in the long run. During the strategic review process, the Company will remain focused on executing its operations and business plan in the ordinary course of business.

FDIC Launches LIBOR Suit on Behalf of 38 Failed Banks

The FDIC filed a lawsuit against several of the banks and the British Banker's Association, accusing them of 'systematic' LIBOR manipulation and suppression. The agency seeks to recover the 'substantial losses' 38 failed banks sustained as a result of the defendants' alleged wrongful conduct. The list of plaintiffs in a March 14 complaint filed with the U.S. District Court for the Southern District of New York includes 38 failed banks. The FDIC as receiver for the closed banks seeks to recover the 'substantial losses' these institutions sustained as a result of the defendants' 'wrongful conduct.' The complaint states that the British Bankers' Association touted LIBOR as a simple, transparent benchmark calculated from competitive interest rates in the market for unsecured interbank loans. However, the FDIC alleges that during August 2007 to at least mid-2011, the bank defendants 'fraudulently and collusively suppressed USD LIBOR' to their own advantage. The FDIC claims that the BBA participated in the scheme to protect the revenue stream it generated from selling LIBOR licenses, and to appease the bank defendants who were on the LIBOR panel and were members of the BBA. Among the U.S.-based bank defendants named in the case is Bank of America Corp. and subsidiaries including Bank of America NA and Merrill Lynch & Co. Inc. The complaint also names Citigroup Inc. and subsidiaries Citibank NA and Citigroup Financial Products Inc., as well as JPMorgan Chase & Co. and several subsidiaries, including JPMorgan Chase Bank NA and Bear Stearns Capital Markets Inc. Europe-based defendants include Barclays Plc, Rabobank Nederland, Credit Suisse Group AG, Deutsche Bank AG, Portigon AG, WestLB AG, Royal Bank of Scotland Group Plc, Société Générale SA and UBS AG. HSBC Holdings Plc, U.S.-based unit HSBC Bank USA NA and Hong Kong-based subsidiary Hongkong & Shanghai Banking Corp. Ltd. are also on the list of defendants, as are Lloyds Banking Group Plc, Lloyds TSB Bank Plc and HBOS Plc. Canada's Royal Bank of Canada is named as a defendant. Defendants based in Asia include Norinchukin Bank and Bank of Tokyo-Mitsubishi UFJ Ltd. The FDIC is seeking full damages for all the economic, monetary, actual, consequential and compensatory damages that the closed banks suffered as a result of the defendants' wrongful conduct.

The Hongkong and Shanghai Banking Corporation Limited Declares Fourth Interim Dividend

The Directors of The Hongkong and Shanghai Banking Corporation Limited have declared a fourth interim dividend in respect of the financial year ended 31 December 2013 of HKD 15,000 million or HKD 0.44 per ordinary share.

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