The Hongkong and Shanghai Banking Corporation maintains a network of around 600 offices in 20 countries in Asia Pacific, as well as owning of a number of HSBC banks operating in various countries and holding the group's stakes in further lenders, particularly in
China. Operations of the group in the
Asia Pacific are under this subsidiary, and it forms the regional headquarters for
Asia Pacific. This means that it is responsible for entities such as
HSBC Bank Australia Limited,
Hang Seng Bank Limited,
HSBC Bank (China) Company Limited,
HSBC Bank Malaysia Berhad (since 2009), HSBC Bank (Vietnam),
HSBC Bank (Taiwan) and
HSBC Insurance (Asia-Pacific) Holdings Limited, and the management of stakes in
Bank of Communications (19.9%), Barrowgate Limited (24.64%) and
Industrial Bank. But excluding the majority of the HSBC's Private Banking business in Asia Pacific.
Bangladesh HSBC started operations in 1996. The bank primarily focuses on urban areas and has branches in most areas of the capital city of
Dhaka, it also has branches in the city of
Chittagong. The bank also has a good number of ATM booths in the cities present, it also has booths in most five star hotels. HSBC Bangladesh is rated 'AAA' in the Long-term and ST-1 rating in the Short-term, which are the highest level of ratings for any bank or financial institution in Bangladesh. HSBC Bangladesh has a help centre which operates on a daily basis. It is one of the very few banks in the country to offer day night banking. It also has begun to support education initiatives for people with disabilities; the bank recently partnered with the
Blind Education and Rehabilitation Development Organisation to give scholarships to people with blindness.
Brunei On 6 April 2016, HSBC
Brunei commenced winding down its operation in Brunei as a part of HSBC Group global review. The bank which comprise retail, commercial and global banking services will no longer take on any new accounts, facilities or business from that date. Employees of the bank have been offered fair redundancy packages. On 9 and 10 November 2017, all HSBC Brunei branches and ATMs had ceased its operations. The remaining accounts were all transferred to the local,
Baiduri Bank on the same date.
China HSBC established its
Shanghai branch office on 3 March 1865 and has had a continuous presence in the city since then, except during the Japanese Occupation. Until the economic reforms of the late 1970s, its activities were mainly in inward remittances and export bills, however its activities now span a wider range. On 6 August 2004, HSBC announced that it would pay US$1.75 billion for a 19.9% stake in Shanghai-based Bank of Communications. At the time of the announcement,
Bank of Communications was China's fifth-largest bank and the investment by HSBC was eight times bigger than any previous foreign investment in a Chinese bank. The industry considered this move, giving HSBC a lead in the race to grab pieces of mainland China's banking market. A year earlier, HSBC had joined with Hong Kong's
Shanghai Commercial Bank to purchase an 11% stake in
Bank of Shanghai (HSBC paid US$62.6 million for an 8% stake) and US$733 million for a 10% stake in
Ping An Insurance. On 1 April 2007, the mainland China offices of The Hongkong and Shanghai Banking Corporation transferred to its subsidiary HSBC Bank (China), and it started operations on 2 April. 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, is a 90% HSBC-owned joint venture. both in domestic banking and support operations for worldwide operations (see
Group Service Centres).
Indonesia The Hongkong and Shanghai Banking Corporation opened its first Indonesian office in
Jakarta in 1884. Having been able to restart its operations after the
Second World War, it was again forced to close in the mid-1960s, however the bank was granted a new banking licence in 1968 its operations have grown to make it one of the largest foreign banks operating in Indonesia.
Japan HSBC opened its first Japan operations in
Yokohama in 1866, followed by branches in other trading ports such as
Osaka,
Kobe and
Nagasaki. It was heavily involved in the early development of Japan's current monetary system, and consulted with the government regarding fiscal policy,
currency printing and related matters. HSBC does not conduct ordinary retail banking in Japan, but conducts investment banking in
Tokyo and
Osaka. Since 2007 it has expanded its HSBC Premier private banking services for the "
Mass affluent" market or
high-net-worth individual clients. HSBC Premier has seven Premier branches in Japan including centers in the
Hiroo,
Akasaka,
Marunouchi (flagship),
Ginza,
Yokohama,
Ikebukuro, areas of Tokyo and one in
Kobe. In December 2011, HSBC announced to selling its private bank in Japan to Swiss peer
Credit Suisse for an undisclosed sum, but at the end of October 2011 the value of the gross assets included in the sale was about $2.7 billion. It was a strategy to cut $3.5 billion annual costs by quitting businesses or countries where it lacks scale which Credit Suisse has a larger business in Japan than HSBC and in line with a global business restructuring it announced that will see it cut 30,000 jobs as it pares back small or inefficient operations.
New Zealand HSBC's operations in
New Zealand are as a branch of The Hongkong and Shanghai Banking Corporation, which first gained a licence from the
Reserve Bank of New Zealand on 22 July 1987. Today HSBC offers a range of financial products from a network of 9 offices.
Philippines HSBC's history in the
Philippines dates back more than 150 years with the establishment of their first branch no. 90 Rosario Street (Now Quintin Paredes Street) in Binondo,
Manila in 1875. In its early years of operation, HSBC serviced the booming Philippine sugar industry. At the turn of the century, it financed railways that connected provincial towns across Luzon to Manila. During the American regime, HSBC was called to advise on Philippine currency reform. Its current headquarters are in
Bonifacio Global City. Today, HSBC Philippines operates in key Philippine cities such as
Cebu and
Davao. It has ended
Citibank and
Standard Chartered's duopoly on international banking in the Philippines and currently the last among the former with retail banking operations in the Philippines since the Philippine exit of Citibank in 2023.
Singapore ,
Central Area, Singapore In
Singapore, The Hongkong and Shanghai Banking Corporation Limited operates as a full service bank with its headquarters in
Collyer Quay. It opened its doors in December 1877. In 2016, HSBC has created a locally incorporated bank in Singapore and has moved its retail and wealth business from HSBC Singapore Branch to the locally incorporated bank. Today, HSBC's flagship office remains at the original Collyer Quay site where its first branch was opened. Its main office is located at
Mapletree Business City in
Pasir Panjang,
HarbourFront. HSBC Singapore is a Qualifying Full Bank and offers a comprehensive range of financial services including commercial banking, investment and private banking, insurance,
forfaiting and trustee services, and securities and capital markets services. The retail and wealth business operated through the locally incorporated bank has 12 branches incorporating 10 HSBC Premier Centres and 33 Automated Teller Machines in Singapore. In the 1960s, a group of Indonesian forces bombed the HSBC building in Singapore, just a few months after Singapore was granted its independence from Malaysia. A number of people were killed and the two military officers responsible for the bombing were tried and executed.
South Korea HSBC is expanding in competitive
South Korean market, operating from a network of 11 branches, the first having been opened in
Jemulpo in 1897.
Sri Lanka HSBC has been present in Sri Lanka for 120 years. The Hongkong and Shanghai Banking Corporation Limited established its first branch in
Colombo Sri Lanka on 1 July 1892, just 27 years after it began operating in Hong Kong and Shanghai. It has established itself as one of the largest and most profitable banks operating in the country. It has achieved leadership in Corporate Banking, Capital Markets and Credit Card issuance.
Taiwan HSBC's presence in
Taiwan dates back to 1885 when The Hongkong and Shanghai Banking Corporation appointed an agent in
Tamsui. A full service branch was established in
Taipei in 1984. The bank now has a network of 8 branches (Hyperlink to service channel) nationwide, including Taipei,
Jianguo,
Banqiao,
Tianmu,
Taoyuan,
Taichung,
Tainan, and
Kaohsiung. In 2007, The Hongkong and Shanghai Banking Corporation acquired
The Chinese Bank in Taiwan. The acquisition made HSBC's nationwide branch network increase to 47.
Thailand HSBC initially opened for business in
Thailand in 1888, becoming the first commercial bank in the country. HSBC has made significant contributions to the establishment of solid foundations for Thailand's financial and banking sectors. For example, in 1889 HSBC issued the first banknotes in Thailand. HSBC also issued the first foreign loan to the
Thai government for its railroad construction project. HSBC's main branch office in Thailand is situated in Bangkok on Rama IV Road opposite Lumpini Park. In 2011, Phase 2 of the new Financial Sector Master Plan allowed foreign banks to open up to two branches in the Kingdom of Thailand in preparation for full retail operations. Accordingly, a second branch was opened on Thonglor (Sukhumvit 55) in early 2011. In January 2012 HSBC announced the sale of its Thailand retail banking operations to the Krungsri Group (
Bank of Ayudhya) and its intention to maintain only corporate banking business in Thailand. Its 2 retail branches will be closed in March and June 2012 respectively.
Vietnam , Saigon at 9 Bến Chương Dương, now used by the
State Bank of Vietnam for HCMC branch, along with the nearby 17 Bến Chương Dương building , Bến Nghé, District 1 In Vietnam, HSBC first opened an office in
Saigon (now Ho Chi Minh City) in 1870, but it was closed in 1975. In 1992, HSBC reopened a representative office in Ho Chi Minh City and opened another in Hanoi. In August 1995, HSBC opened a full-service branch in Ho Chi Minh City. In 2005, HSBC also opened its second branch in Hanoi and established a representative office in
Can Tho. On 29 December 2005, HSBC acquired 10% share capital of Vietnam Technological and Commercial Joint Stock Bank (
Techcombank), one of the largest joint stock commercial banks in Vietnam by equity. In July 2007, HSBC became the first foreign bank to increase its stake in Techcombank to 15%. In September 2008, HSBC completed the increase of its stake in Techcombank to 20%, became the first foreign bank in Vietnam to hold a 20% interest in a domestic bank. In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam's leading insurance company. In October 2009, HSBC signed an agreement to increase its shareholding in Bao Viet Holdings to 18% from 10% for VND1.88 trillion (approximately US$105.3 million). On 1 January 2009, HSBC started operating its locally incorporated entity and became the first foreign bank to incorporate in Vietnam, after gaining approval from the State Bank of Vietnam (SBV) to set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September 2008. ==Leadership==