HSBC Bank Australia

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HSBC Bank Australia Limited
Type Subsidiary of HSBC Holdings plc
Founded 1965
Headquarters Sydney, Australia
Key people Stuart Davis, CEO
Industry Finance and Insurance
Products Financial Services
Website www.hsbc.com.au

HSBC Bank Australia Limited (formerly the HongkongBank of Australia Limited) was granted a banking license in 1986 having been established as HSBC Finance Company Limited in 1965. It is a subsidiary of The Hongkong and Shanghai Banking Corporation Limited and part of the worldwide HSBC Group.

Contents

[edit] Australian banking

HSBC Bank Australia offer a full range of Personal and Commercial services from a network of 24 branches as well as via direct channels.

[edit] History

HSBC was granted a banking license in Australia in 1986, after the Australian federal government changed the rules to allow foreign banks into the country. HSBC was not the first foreign bank to enter Australia, the first was Chase-AMP, but HSBC was one of the first foreign entrants into the business banking sector.

  • 1986
    • Launched Commercial Financial Services
  • 1991
    • Launched Personal Financial Services
  • 1992
    • Began to be profitable after several years of losses
  • 1995
    • Discount home loans introduced in Australia
  • 1997
    • Telephone banking and credit cards introduced
  • 1998
    • Established HSBC InvestDirect (Australia) Limited
    • Financial planning services introduced in Australia
  • 2001
    • Acquired NRMA Building Society Limited
    • Internet banking for personal customers launched in Australia
  • 2005
    • Sold Australian asset management business to Challenger Financial Services
  • 2006
    • Sold broker originated mortgage book to FirstMac
    • Acquired Westpac sub-custody business in Australia and New Zealand
    • Sold margin lending portfolio to St. George
    • Sold Australian online stockbroking business to E*TRADE

[edit] References

Foreign Banks: What Do We Know by Barry Williams

Overview of Financial Services Post-Deregulation by Dr Diana Beal

[edit] See also

[edit] External links


v • d • e
HSBC Group
Corporate directors:
Safra Catz · Vincent Cheng · John Coombe · José Durán · Rona Fairhead · Douglas Flint · Sandy Flockhart · William Fung · Michael Geoghegan (CEO) · Stephen Green (Chairman) · Stuart Gulliver · James Hughes-Hallett · William Laidlaw · Sir Mark Moody-Stuart · Gwyn Morgan · Narayana Murthy · Stewart Newton · Simon Robertson · Sir Brian Williamson
Brands:
Principal local banks:
Argentina · Australia · Bermuda · Brazil · Canada · China · Egypt · France · Germany · Hong Kong · Malaysia · Middle East · Malta · Mexico · Panama · Poland · Turkey · United Kingdom · United States
Minority stakes and joint ventures:
Bank of Communications (19%) · HSBC Saudi Arabia Limited (60%) · British Arab Commercial Bank (47%)  · SABB (40%) · Wells Fargo HSBC Trade Bank N.A. (20%)  · Ping An (19.9%)  · Techcombank (15%)  · Bank of Shanghai (8%)  · UTI Bank Limited (4.99%)
Annual group revenue: $87.6 billion USD (▲25% FY 2007) · Employees: 330,000 · Stock symbols: LSE: HSBA, HKEX: 005, NYSE: HBC, Euronext: HSBC, BSX: 1077223879
 · Group website: www.hsbc.com · Group Headquarters: 8 Canada Square, London, E14 5HQ, United Kingdom
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