HongKong Shanghai Banking Corporation

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HSBC Holdings plc
HSBC Holdings PLC logo.
Type Public
Founded Founder: Thomas Sutherland, Hong Kong (1865)
Headquarters London, England, UK
Key people
Stephen Green, Chairman
Michael Geoghegan, CEO
Finance and Insurance
Financial Services
Green Arrow Up Darker.png $70.1 billion USD (2006) [1]
Green Arrow Up Darker.png $54.8 billion USD (2006)
Green Arrow Up Darker.png $15.8 billion USD (2006)
312,000
HSBC Bank plc, The Hongkong and Shanghai Banking Corporation, HSBC Bank USA, HSBC Mexico, HSBC Bank Brasil, HSBC Finance
The world's local bank
www.hsbc.com

HSBC Holdings plc is one of the largest banking groups in the world, ranked the fifth-largest company in the world in Forbes Global 2000. The HSBC Group is represented in the Philippines through The Hongkong and Shanghai Banking Corporation Limited; and its subsidiary, the locally-incorporated HSBC Savings Bank (Philippines) Inc.

Contents

HSBC in the Philippines

HSBC opened its first branch in the Philippines in Binondo in November 1875. In 1883, a second branch was opened in Iloilo to serve the growing sugar industry. In 1971, the branch in Binondo was moved to Makati City. Ten years later, in 1981, the Iloilo branch was closed and a new branch in Ortigas Center, Pasig City, was opened.

Following the issuance of the Foreign Bank Liberalization Act of 1994, HSBC reopened a branch in Binondo in 1995 and established a branch in Cebu in 1996. In 1999, HSBC became the first foreign bank to open a branch in Quezon City, bringing the total number to five branches.

In December 2000, HSBC acquired PCIB Savings Bank, a locally-incorporated thrift bank. Renamed HSBC Savings Bank (Philippines) Inc, it operates 16 branches in Metro Manila.

HSBC head office

Its head office is located in the HSBC Tower in London's Canary Wharf. The group is named after its founding member, The Hongkong and Shanghai Banking Corporation, a bank established in Hong Kong by Thomas Sutherland, a Scot, to finance British trade in the Far East in 1865. Today the corporation is simply 'HSBC', derived from 'Hong Kong and Shanghai Banking Corporation'.

The bank is the fourth largest corporation in the world in terms of assets(as of Dec 31, $1.861 trillion, while Citigroup reported $1.884 trillion). It reports its results in United States dollars, since 80% of its earnings originate from outside the United Kingdom. Nearly 22% of its earnings are from operations in Hong Kong, where it was headquartered until 1991. It is the largest bank in Hong Kong, and at the end of 2005 was the largest banking group in the world by Tier 1 capital.

The HSBC logo, known as the Hexagon, is derived from The Hongkong and Shanghai Banking Corporation’s 19th century house flag, itself derived from the Scottish flag, which is the angular cross that Saint Andrew (the patron saint of Scotland) was crucified upon.


Corporate Social Responsibility

HSBC is committed to becoming the leading brand of corporate social responsibility. It has a clear vision of how to give back to the community and sharing their success with others. Its service is founded on responsibility, integrity, transparency and diversit.

HSBC in the Community

The company engages in programs that involve the youth and the environment. It helps change livest through state of the art programs and services in banking and finance. Once a year, HSBC helps build Gawad Kalinga villages in the Philippines. HSBC is also an active volunteer for Hands on Manila.

Commitment to the Environment

HSBC is committed to fighting global warming through keeping the environmental impact of its day-to-day operations. The company's environmental policy's key points are: to reduce energy consumption and improve energy efficiency; to conserve water and other natural resources; to minimize or recycle waste; to dispose waste properly; and to favor suppliers and contractors who adopt proper environmental practices.

HSBC has tied up with different environmental organizations and partcipated in various environmental programs such as the World Wide Fund for Nature (WWF) and Bantay Kalikasan.

Investing in Education

It initiated a project called Future First, where US$10 million is alloted for the education of street children, orphans, and children. There were three charities from the Philippines that were chosen to receive a portion of the budget: SOS Children's Village, Childhope Asia, and Philippine Christian Foundation

Read with Me Program

HSBC believes that proper education of its people is necessary for its people. It has conducted a reading program and is a supporter of Sa Aklat Sisikat Foundation.

HSBC Young Entrepreneur Awards

It is a business plan writing competition that aims to foster ingenuity and entrepreneurial spirit among Filipino students.

External links

References

  • Hong Kong Shanghai Banking Corporation. Profiles. League of Corporate Foundations

Citation

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