The Hongkong and Shanghai Banking Corporation Limited

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The Hong Kong-based founding banking subsidiary of the HSBC Group and one of the territory's largest commercial banks.

Last updated November 1, 2026

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First read: Nov 4, 2026
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Overview

The Hongkong and Shanghai Banking Corporation Limited, commonly known as HSBC Hong Kong, is the Hong Kong-based Asia-Pacific banking subsidiary and founding institution of the HSBC Group. It was established in British Hong Kong in 1865 to facilitate trade between China and Europe and was incorporated the following year. Although the group holding company is now headquartered in London, the Hong Kong bank has retained its historical base in the territory and remains one of the most important institutions in Hong Kong's financial system. The bank developed from a trade-finance institution into a broad financial-services business. Its activities include personal and retail banking, wealth management, commercial banking, corporate banking, investment banking, private banking, insurance, securities and capital-markets services, and treasury operations. In Hong Kong it maintains a large branch and automated-service network and offers deposit accounts, mortgages, cards, payments, lending, investment products and insurance. Its regional responsibilities also extend through HSBC banking and insurance entities across the Indo-Pacific region. HSBC Hong Kong is particularly significant because it is one of the three commercial banks authorised by the Hong Kong Monetary Authority to issue Hong Kong dollar banknotes. Its notes have historically represented the largest share of notes issued by the territory's commercial note-issuing banks. This role, together with its long history, large customer base and position in the clearing and payments system, gives the institution a distinctive place in Hong Kong banking. The bank was the original parent and namesake of the wider HSBC group until the group's restructuring and the formation of HSBC Holdings in 1991. Following the acquisition of Midland Bank, the holding company moved its headquarters to London in order to meet United Kingdom regulatory requirements. HSBC Hong Kong nevertheless continued as the group's principal Hong Kong institution and regional operating platform. The group's red-and-white hexagon identity and the HSBC name are derived from the Hongkong and Shanghai Banking Corporation. The institution has also expanded its local ecosystem through ownership and affiliated businesses. HSBC acquired a controlling interest in Hang Seng Bank during the latter's 1960s financial crisis and remains its majority shareholder. It launched PayMe, a mobile social-payments service, in 2017. HSBC Insurance operations in the region provide products through direct channels and intermediaries in several Asian markets. In mainland China, the group operates through HSBC Bank (China), while the Hong Kong bank has historically managed or supported a range of regional subsidiaries and strategic holdings. Its international footprint has changed over time as the HSBC Group has reviewed markets where it lacked sufficient scale. Examples include the winding down of HSBC's Brunei operations, the sale of its Japanese private-banking business to Credit Suisse, and the transfer or sale of selected retail businesses in markets such as Thailand. These changes have not altered HSBC Hong Kong's central role in the group's Asian franchise. The brand continues to be positioned around international connectivity, institutional relationships, wealth management and access to markets across Asia and beyond.

History

The Hongkong and Shanghai Banking Corporation was founded in Hong Kong in 1865 in response to the growing trade between China and Europe. It was incorporated in 1866 and soon developed a network serving merchants, exporters, shipping interests and colonial administrations. The bank's name reflected its original connection to both Hong Kong and Shanghai, while the Chinese name commonly associated with it is rendered in English as “focus of wealth.” During the late nineteenth and early twentieth centuries, the bank expanded through major Asian trading ports. It opened or developed operations in Japan, the Philippines, Singapore, Thailand, Sri Lanka, Indonesia, Taiwan and other markets. Its activities went beyond ordinary deposits and lending: it financed commodities and infrastructure, supported foreign trade, advised governments on currency and monetary questions, and participated in the development of regional financial systems. In Thailand it issued banknotes and helped finance an early government railway loan; in the Philippines it served the sugar trade and helped finance railway development. The bank's history was disrupted by war, political change and nationalisation trends across Asia. Some operations were suspended during the Second World War or later periods of political instability, but the institution repeatedly re-established itself. In India, its regional history was strengthened by the 1959 acquisition of the Mercantile Bank of India, London and China. In mainland China, HSBC maintained a longstanding Shanghai presence and later expanded its activities after China's economic reforms. A major strategic turning point came in 1965, when HSBC acquired a controlling interest in Hang Seng Bank during a financial crisis. Hang Seng became an important associated institution in Hong Kong, and its stock-market index later gave its name to the Hang Seng Index. In the 1980s and 1990s, the bank broadened its consumer and corporate offerings while the wider group pursued acquisitions and international expansion. It was sometimes branded HongkongBank in Hong Kong during the late 1980s and early 1990s, but subsequently returned to the HSBC identity. The HSBC Group created HSBC Holdings in 1991, with the Hong Kong bank as its founding institution and namesake. The holding company's headquarters moved to London after the acquisition of Midland Bank and associated regulatory requirements. The Hong Kong bank remained the group's principal local institution, a major regional subsidiary and one of Hong Kong's commercial banknote issuers. Its headquarters at 1 Queen's Road Central, designed by Norman Foster, became one of the city's best-known modern financial buildings. In the twenty-first century, HSBC Hong Kong and its associated companies continued to develop a regional full-service platform. Mainland operations were transferred into HSBC Bank (China) in 2007, while HSBC increased its strategic presence through investments and joint ventures in China. The group also incorporated retail and wealth operations locally in Singapore, launched PayMe in Hong Kong in 2017, and continued to operate insurance, commercial-banking and capital-markets businesses across Asia. At the same time, HSBC reviewed markets and business lines where it considered its scale insufficient. This led to exits or reductions in selected retail and private-banking activities, including Brunei and Japan, and the sale of retail banking operations in Thailand. Despite these portfolio changes, HSBC Hong Kong remains active and retains a central role in Hong Kong's retail, commercial, institutional and payments infrastructure.

2017
PayMe launched
[1]HSBC (Hong Kong)en.wikipedia.org
HSBC introduced the PayMe social-payments application in Hong Kong.
2007
Mainland China operations transferred to HSBC Bank (China)
[1]HSBC (Hong Kong)en.wikipedia.org
HSBC's mainland offices were reorganised under the locally incorporated HSBC Bank (China), which commenced operations in April.
1991
HSBC Holdings established
[1]HSBC (Hong Kong)en.wikipedia.org
HSBC Holdings was created as the group holding company, with the Hong Kong bank as its founding subsidiary and namesake.
1965
Controlling interest acquired in Hang Seng Bank
[1]HSBC (Hong Kong)en.wikipedia.org
HSBC acquired a controlling stake in Hang Seng Bank during a period of financial stress.
1866
Incorporation of the Hongkong and Shanghai Banking Corporation
[1]HSBC (Hong Kong)en.wikipedia.org
The institution was formally incorporated under the name that became the foundation of the HSBC Group.
1865
Bank established in Hong Kong
[1]HSBC (Hong Kong)en.wikipedia.org
The Hongkong and Shanghai Bank began operations in British Hong Kong to support trade between China and Europe.

Products and positioning

An international, full-service banking institution connecting Hong Kong and Asian markets with global trade, capital and wealth networks.

Retail banking
Personal and retail banking
HSBC Hong Kong provides everyday banking services including current and savings accounts, cards, deposits, mortgages, personal lending, payments and digital banking. Its large Hong Kong branch and automated-service network supports both mass-market and affluent customers.
Wealth management
HSBC Premier
HSBC Premier is the group's affluent-customer proposition, combining relationship management, preferential banking services, wealth solutions and international account connectivity. Availability and eligibility vary by market.
Business banking
Commercial and corporate banking
The bank serves small and medium-sized enterprises, large companies and institutions with lending, trade finance, cash management, foreign exchange, treasury, payments and cross-border banking services.
Investment banking
Global Banking and Markets
This business provides institutional and corporate clients with investment-banking, capital-markets, securities, advisory, treasury and markets services. It reflects HSBC Hong Kong's historical role in connecting Asian businesses with international capital.
Payments · 2017
PayMe
PayMe is a Hong Kong mobile social-payments service launched by HSBC in 2017. It was designed for person-to-person payments and is available to users beyond the bank's own customer base.
Insurance
HSBC Insurance
HSBC's regional insurance operations provide insurance products and related services through direct distribution and intermediaries, including brokers and agents, across selected Asian markets.

Controversies

2026
HSBC apologises and clarifies online banking terms
HSBC apologised after customers objected to terms that appeared to restrict the use of its online and mobile banking services outside Hong Kong. The bank clarified that customers could continue accessing the services outside Hong Kong and that it had no plans to amend them. The incident centred on customer concerns over the wording of the terms rather than any change to the services themselves.
Source
2023
Closure of League of Social Democrats accounts
Reports stated that HSBC closed accounts associated with Hong Kong's pro-democracy League of Social Democrats and declined to explain the decision. The episode drew attention because of the political identity of the affected organisation and wider concerns about banking access and de-risking.
Source
2021
FCA fines HSBC unit £64 million over AML failings
The Financial Conduct Authority fined a U.K. unit of HSBC Holdings £64 million after finding serious weaknesses in automated transaction-monitoring processes. The FCA said HSBC Bank failed to comply with money-laundering regulations between 2010 and 2018. HSBC said it was pleased to resolve the matter and had invested in new monitoring technologies.
Source
2020
Travelex ransomware attack and service disruption
Travelex was affected by a ransomware attack on New Year's Eve and took its global websites offline. Its update said some data had been encrypted, but that the extent was unknown and there was no evidence that structured personal customer data had been breached. The article also reported that online foreign-currency services at several banks were down. Travelex said it had opened an investigation, was working toward recovery, and had restored some internal systems; its CEO apologized for the inconvenience to partners and customers.
Source
2020
Investors sue HSBC over film investment schemes
In a controversy reported in 2020, hundreds of investors sued HSBC, alleging that the bank should be held responsible for false promises made by its client, Eclipse Film Partners, in connection with film investment schemes. According to the report, the amount in dispute was up to £1.3 billion. The report describes the investors' claim as centering on HSBC's alleged responsibility for the promises made by its client; no further allegations, findings, or outcomes are stated in the source.
Source
2020
Customer sues HSBC Bank Malaysia over alleged negligence
A news report described a lawsuit brought by Lee Cheong Chee against HSBC Bank Malaysia. According to the report, the customer alleged that the bank failed to warn him about potentially fraudulent transactions and sought reimbursement of his losses. The report characterized these claims as allegations at the time of publication. The event was recorded as a controversy note concerning HSBC, based solely on the reported claims and the source account; no further details, findings, or outcomes were stated.
Source
2020
HSBC clarifies its commitment to its China business
In June 2020, after claims circulated that HSBC would close its China business, HSBC issued a clarification stating that China is an important strategic market and that it would continue increasing investment in the mainland across business, services, talent and technology. The statement was reported as a response to the earlier claims about a possible closure of its China operations. The clarification set out the company's stated position that it remains committed to the mainland market and intends to expand its investment there in the areas named.
Source
2020
HSBC sues over alleged Hin Leong fraud
In a controversy involving HSBC, the bank is suing the Lim family and an employee of Hin Leong, seeking to recover $85.3 million that it alleges was obtained with forged documents. The matter is reported as an allegation rather than an established determination; the source does not state that the claims have been proven or adjudicated. The dispute concerns the alleged use of forged documents in obtaining the funds, and HSBC's lawsuit seeks recovery of that amount. No further details on the parties' responses, the status of the proceedings, or any outcome are provided in the source.
Source
2019
HSBC Swiss private banking arm agrees to pay $192 million over US tax-evasion conduct
HSBC's Swiss private banking arm agreed to pay the US Justice Department $192 million after admitting that it helped individuals and corporations evade federal taxes. The payment includes unpaid taxes, forfeited fees and a fine.
Source
2015
Swiss prosecutor opens money-laundering procedure involving HSBC's private bank
Swiss authorities raided HSBC's private bank in Geneva on 18 February. The prosecutor's office said it was opening a criminal procedure against the bank and unknown others for aggravated money laundering; the article describes the case as based on suspicions.
Source

2022
Party committee established in HSBC Qianhai SecuritiesStrategy
Background
Foreign financial institutions operating in mainland China face a regulatory and institutional environment in which Communist Party organisations have a formal presence in many companies.
Action taken
HSBC established a Chinese Communist Party committee in its mainland investment-banking joint venture, HSBC Qianhai Securities.
Aftermath
The move was reported as a notable development in the governance of a foreign-owned financial institution in China.
Source
2017
Launch of PayMeProduct launch
Background
Hong Kong's payments market was becoming increasingly mobile and social, creating demand for convenient person-to-person transfers.
Action taken
HSBC launched PayMe as a mobile social-payments application that could be used by non-HSBC customers as well as HSBC customers.
Aftermath
PayMe became part of HSBC's Hong Kong digital-payments offering.
Source
2016
Withdrawal from Brunei retail and commercial operationsStrategy
Background
A group-wide strategic review identified selected markets where HSBC considered its operating scale insufficient.
Action taken
HSBC stopped taking new Brunei business in April 2016 and subsequently closed branches and ATMs in November 2017.
Aftermath
Remaining customer accounts were transferred to Baiduri Bank and HSBC exited direct banking operations in Brunei.
Source
2011
Sale of Japanese private banking businessM&A
Background
HSBC reviewed its country and business portfolio as part of a programme intended to reduce complexity and concentrate investment where the group had stronger scale.
Action taken
It announced the sale of its Japanese private-bank operations to Credit Suisse.
Aftermath
The transaction reduced HSBC's exposure to Japanese private banking while Credit Suisse expanded its position in that market.
Source

Recent events

Unconfirmed
HSBC apologises and clarifies online banking terms[7]HSBC apologises and clarifies online banking termsmarketing-interactive.com
Reported: 2026-10-30
HSBC apologised after customers objected to terms that appeared to restrict the use of its online and mobile banking services outside Hong Kong. It clarified that customers could continue accessing the services outside Hong Kong and that it had no plans to amend them.
2026-10-26
Google Hong Kong launches ShareJoy campaign[13]Google香港推出ShareJoy活动marketing-interactive.com
Reported: 2026-10-26
Google Hong Kong introduced the ShareJoy campaign and created the HO JENG AR app, which uses augmented reality and features six characters for users to interact with and capture in images around Hong Kong. The campaign includes offers at participating venues and brands, with HSBC as a supporting partner.
2026-10-23
HSBC launches RedCoin on PayMe[14]HSBC在PayMe推出RedCoinmetrohk.com.hk
Reported: 2026-10-23
HSBC launched its first stablecoin, HSBC RedCoin, on PayMe for users to make personal and merchant payments.
2026-10-23
HSBC launches 24/7 account-opening self-service machine in Malaysia[15]HSBC 在马来西亚推出全天候自助开户设备marketing-interactive.com
Reported: 2026-10-23
HSBC launched a 24/7 self-service machine in Malaysia for identification and verification as part of its account-opening service. Customers can open accounts using digital forms and complete biometric verification at select HSBC branches.
Unconfirmed
HSBC launches RedCoin on PayMe[16]汇丰在 PayMe 推出 RedCoincoindesk.com
Reported: 2026-10-23
HSBC debuted RedCoin, its first stablecoin, on PayMe. The Hong Kong dollar token lets customers send money and pay at more than 100,000 merchants; more than 3.3 million PayMe users can activate a stablecoin wallet in the app.
2026-10-23
HSBC launches RedCoin stablecoin for Hong Kong payments[17]汇丰推出用于香港支付的 RedCoin 稳定币cointelegraph.com
Reported: 2026-10-23
HSBC launched RedCoin, its Hong Kong-dollar stablecoin, for transfers and merchant payments through the PayMe app.
2026-10-20
Google Cloud resolves UK service disruption[18]Google Cloud 解决英国服务中断bbc.co.uk
Reported: 2026-10-20
Google Cloud said it resolved a disruption at its UK cloud site caused by a power event. The outage disrupted services including Revolut, which said its services were fully restored.
2026-10-19
Asus secures US$2 billion syndicated loan[19]华硕获得20亿美元银团贷款businesstimes.com.sg
Reported: 2026-10-19
Asus secured a US$2 billion syndicated loan arranged by HSBC through its wholly owned Singapore subsidiary to support its operations and expansion, including its AI push. HSBC said strong lender demand enabled the facility to be upsized to US$2 billion.
2026-10-09
LANDMARK launches Destination CENTRAL district-wide programme in Hong Kong Central[20]LANDMARK在香港中环推出Destination CENTRAL全区主题活动livenews.co.nz
On 9 October 2026, LANDMARK unveiled Destination CENTRAL, a district-wide programme inviting local residents and international visitors to rediscover Central, Hong Kong through the collectible Central Passport, travel-inspired activations in partnership with Hong Kong Tramways and Asia Miles, dining privileges from more than 40 participating partners, a Louis Vuitton mega-art installation and pop-up at LANDMARK, the THE CHATER dining concept, and a Halloween in Central programme from 17 to 31 October presented by Hongkong Land with support from the Hong Kong Tourism Board, alongside HSBC-exclusive offers for BESPOKE members from 28 September to 18 November 2026.
Unconfirmed
HSBC plans job cuts across UK wealth business in AI push[21]汇丰计划在英国财富业务裁员以推进人工智能战略news.google.com
Reported: 2026-10-07
HSBC plans to cut jobs across its UK wealth business as part of a push into artificial intelligence, according to a Financial Times report carried by Reuters.

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