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 subsidiary of The Hongkong and Shanghai Banking Corporation Limited and part of the worldwide HSBC Group. In Australia, HSBC sponsors the HSBC Waratahs and the Hawthorn Hawks. The HSBC brand is synonymous with Rugby Union in Australia.
Australian banking
HSBC Bank Australia offer a full range of Personal and Commercial services from a network of 24 branches as well as via direct channels.
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
References
Foreign Banks: What Do We Know by Barry Williams
Overview of Financial Services Post-Deregulation by Dr Diana Beal