HSBC Bank Australia
Encyclopedia
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 fully owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and part of the worldwide HSBC Group. HSBC Bank Australia is a leading international bank in Australia, offering a full range of banking products and services to the retail, commercial, corporate and institutional sectors.
Banking license
Under most jurisdictions, a banking license is a prerequisite for a financial institution that wants to provide banking services, such as taking deposits from the general public....
in 1986 having been established as HSBC Finance Company Limited in 1965. It is a fully owned subsidiary of The Hongkong and Shanghai Banking Corporation Limited and part of the worldwide HSBC Group. HSBC Bank Australia is a leading international bank in Australia, offering a full range of banking products and services to the retail, commercial, corporate and institutional sectors.
Australian banking
HSBC Bank Australia offers a full range of financial services through a network of 25 branches as well as via direct channels. The 25th HSBC branch was opened in North Sydney on 20 April 2010 by the Hon. Joe Hockey, Member for North Sydney and Shadow Treasurer. The new North Sydney branch marks the start of HSBC's expansion of its Australian branch network, with media reports suggesting it will open up to 100 new branches in Australia.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
- 2008
- Established Global Investments business
See also
- The Hongkong and Shanghai Banking Corporation Limited (direct parent company)
- Reserve Bank of AustraliaReserve Bank of AustraliaThe Reserve Bank of Australia came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank to it....
- Australian Prudential Regulation AuthorityAustralian Prudential Regulation AuthorityThe Australian Prudential Regulation Authority is a statutory authority and the prudential regulator of the Australian financial services industry.-Regulatory scope:...
- Australian Securities and Investments CommissionAustralian Securities and Investments CommissionThe Australian Securities & Investments Commission is an independent Australian government body that acts as Australia's corporate regulator...