Sir John Bond at HSBC: The End of an Era?
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Code :LDS0023
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Region : Hong Kong |
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Introduction:
HSBC, that was first established in Hong Kong in 1865, began diversifying world wide through a series of aquisitions
and alliances fromthe late 1950s. In the late 1950s,HSBC acquired the BritishBank of theMiddle East andMercantile Bank
based in India. In 1965, the bank bought 62%stake in Hang Seng. In the 1970s and 1980s, the bank enteredNorthAmerica
and Canada. It made many acquisitions (Exhibit 1), the major ones being Marine Midland Bank, Hong Kong Bank of
Canada,McEntee &McGinley, Bank of British Columbia and Lloyds Bank. In 1991, HSBC Holdings Plc. was established
bringing together all the business divisions under one umbrella,which became one of the largest corporations in theworld
and the largest banking group in UK, with its headquarter in London. It expanded inAsia and Europe and established itself
in France, Turkey, India and other countries. In 1997, LatinAmerican banks were acquired that protected HSBC fromthe
Asian financial crisis, which affected the financialmarkets ofmany companies inAsia. In 1999, the bank introduced online
initiatives and many Internet ventures with Cheung Kong2 and Merrill Lynch . In 2004, HSBC Holdings earned sales of
$70,860million as against $56,077million in 2003. The net income in 2004was $11,840million as against $8774million in
2003. |
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