HSBC Bank Australia
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 the leading international bank in Australia, offering a full range of banking products and services in the retail, commercial and corporate sectors.
Australian banking
HSBC Bank Australia offer a full range of Personal and Commercial services from a network of 25 branches as well as via direct channels. A new HSBC branch in North Sydney, the 25th, was opened by The Hon. Joe Hockey, Member for North Sydney, on Tuesday 20 April. HSBC Bank Australia has embarked on an expansion of its 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
References
Foreign Banks: What Do We Know by Barry Williams
Overview of Financial Services Post-Deregulation by Dr Diana Beal
See also
- The Hongkong and Shanghai Banking Corporation Limited (direct parent company)
- Reserve Bank of Australia
- Australian Prudential Regulation Authority
- Australian Securities and Investments Commission