HSBC Bank Canada
Encyclopedia : H : HS : HSB : HSBC Bank Canada
HSBC Bank Canada, formerly the Hongkong Bank of Canada, is a bank in Canada that is part of British banking giant HSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province (excluding Prince Edward Island), and is the largest foreign-owned bank in the country. Corporate headquarters are in Vancouver, British Columbia. Most banks in Canada have their head offices in Toronto, Ontario.
History
- 1979: HSBC bought a Vancouver-based acceptance company that financed machinery and equipment for small companies operating in British Columbia.
- 1981: HSBC incorporated Hongkong Bank of Canada (HBC), in Vancouver as a chartered bank effective July 1, 1981 under the Bank Act of Canada. HBC used the acceptance company as a base for the new bank. HBC had a few retail branches primarily focused on Asian-Canadians, but the major portion of the bank's business was with commercial enterprises. HBC opened branches in major cities in western Canada and in Toronto and Montreal but growth was slow. HBC sought to grow by acquisition, but the first three attempts to buy an existing institution were unsuccessful.
- 1986: On November 27, HBC acquired the assets of Bank of British Columbia, which had essentially failed. HBC gained $2.6 billion in assets and added 41 branches in British Columbia and Alberta. Overnight, HBC moved from the 20th largest to 9th largest bank in Canada.
- 1988: On May 20, HBC amalgamated with Midland Bank Canada, thereby increasing assets by $472 million, gaining many new corporate banking relationships, and expanding to Eastern Canada.
- 1990: On May 29, HBC acquired Lloyds Bank of Canada, thereby increasing assets by $4.4 billion and adding 53 branches across Canada, mostly in Ontario and Quebec. HBC’s assets after this acquisition were $10.2 billion at October 31, 1990. This merger doubled its branch network, substantially increased HBC's exposure in eastern Canada, and made it a bilingual operation with branches in eight Quebec communities. HBC becomed the largest foreign bank. (Lloyds Bank had acquired Continental Bank of Canada 1986. This began in 1973 as Niagara Finance Company, became IAC Limited, and then Continental Bank.)
- 1993: on April 30, HBC acquired ANZ Bank Canada consisting of one office in Toronto, which it merged with its 70 York Street branch. This purchase made HBC the seventh largest bank in Canada with branches in every province except Prince Edward Island. (ANZ had acquired Grindlays Bank Canada with its acquisition of Grindlays, but management was more interested in expanding in the Asia-Pacific area.)
- 1995: On August 1, HBC acquired Metropolitan Trust Company of Canada (1 branch).
- 1996: On August 31, HBC acquired Barclays Bank Canada. Barclays had re-entered Canada in 1979 and developed a diversified but modest range of activities. In 1985, it bought the assets of Wells Fargo Bank (Canada). Wells Fargo sold its operations in Alberta (and in Florida) to Barclays as part of a re-focusing on its home market. In 1993, Barclays Bank Canada closed its Edmonton branch. In 1994, Barclays closed six branches (Vancouver, Calgary, Winnipeg, London, Montreal and Halifax), retaining only its head office. Barclays' Canadian operations lost approximately $120-million between 1992 and 1996. HBC acquires the Seattle, Washington and Portland, Oregon branches of HSBC. The growing north-south trade occasioned by the adoption of the North American Free Trade Agreement (NAFTA) in 1994 made this move into the United States seem a natural expansion along with the business interests of many of the bank's customers.
- 1998: On May 1, HBC acquired National Westminster Bank of Canada, which had assets of C$844.5 million. Nat West had entered Canada in 1982.
- 1999: On June 21, HBC changed its name to HSBC Bank Canada, consistent with the HSBC Group's strategy of creating the global brand, HSBC. On December 3, it acquired Prenor Trust Company of Canada.
- 2000: HSBC Bank Canada acquired Republic National Bank of New York (Canada) after HSBC acquired the parent bank. Republic had entered Canada in 1982. Bank Leumi Le Israel (Canada) was taken over by Republic in 1993.) In 1994, Israel-based Bank Hapoalim (Canada) sold its operations to Republic. In 1996, Republic bought Israel Discount Bank of Canada's operations.
- 2001: On April 1, HSBC (Canada) acquired CCF Canada after HSBC acquired CCF Canada's parent company, CCF. CCF had just acquired Crédit Lyonnais Canada. Credit Commercial de France (Canada) had entered Canada in 1982 when it established an office in Montreal. It was acquired by Societe Generale (Canada) in 1990. CCF had returned to Canada in 2000.
- 2002: HSBC Holdings merged its Canadian and US operations to create a North American transnational bank. HSBC Bank USA of New York, with assets of US$87 billion, and HSBC Canada, with assets of C$34 billion, share some operating resources but remain separate units.
- 2004: HSBC Bank Canada acquired Intesa Bank's Canadian unit, which had 11 branches and total assets of C$1.1 billion when the transaction was completed on June 1, 2004.
Divisions
Operating divisions of HBC:- HSBC Asset Management
- HSBC Capital
- HSBC Trust
- HSBC Investment Direct
- HSBC Insurance
Executives
- Lindsay Gordon, President and Chief Executive Officer
- Sean O'Sullivan - Chief Operating Officer
- Jeff Dowle, Executive Vice President
- Jim Mahaffy, Executive Vice President, Corporate and Institutional Banking
- Brad Meredith, Executive Vice President,
- Sarah Morgan-Silvester, Executive Vice President
- Graham McIsaac, Chief Financial Officer
Sponsorships
- Vancouver Canucks Hockey Club
- HSBC Celebration of Light - An annual international fireworks show in Vancouver, BC
Membership
HSBC Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
- Interac
- MasterCard International
- Cirrus Network
- The Exchange (Canada)
- BMO Bank of Montreal ATM network (HSBC cardholders do not pay ATM usage fees at those locations).
See also
External links
| Corporate Directors: Baroness Dunn | Sir Brian Moffat | Stephen Green | Lord Butler of Brockwell | Raymond Ch'ien | John Coombe | Rona Fairhead | Douglas Flint | William Fung | Michael Geoghegan | Sharon Hintze | James Hughes-Hallett | Sir Mark Moody-Stuart | Stewart Newton | Simon Robertson | Helmut Sohmen | Sir Brian Williamson |
| Brands: The Bank of Bermuda | Beneficial | first direct | Hang Seng | HFC | HSBC | HSBC Bank International | HSBC Halbis Partners | HSBC Investments | HSBCnet | HSBC Premier | Marbles | M&S Money | Proa |
| Local Banks: Argentina | Australia | Bermuda | Brazil | Canada | China | Egypt | France | Germany | Hong Kong | Iraq | Malaysia | Middle East | Malta | Mexico | Poland | Turkey | United Kingdom | United States |
|
Minority Stakes and Joint Ventures: Bank of Communications (19.9%) | Bank of Shanghai (8%) | HSBC Saudi Arabia Limited (60%) | Ping An (19.9%) | Techcombank (10%) | The Saudi British Bank (40%) | UTI Bank Limited (4.99%) | Wells Fargo HSBC Trade Bank N.A. (20%) |
| Annual Group Revenue: .7 billion USD ( 10% FY 2005) | Employees: 284,000 | Stock Symbol: LSE: [HSBA] | Website: [www.hsbc.com] |
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