- HSBC Bank Canada
Infobox_Company
company_name = HSBC Bank Canada
company_
company_type = Subsidiary ofHSBC Holdings plc
company_slogan = The world's local bank
foundation =1981
location = flagicon|CanadaVancouver ,British Columbia ,Canada
key_people =Michael Geoghegan ,Chairman Lindsay Gordon ,President andCEO
num_employees = 6,000
industry =Finance and Insurance
products =Financial Services
homepage = [http://www.hsbc.ca/ www.hsbc.ca]
revenue =HSBC Bank Canada (zh-t|t=加拿大滙豐銀行) (tsx|HSB), formerly the Hongkong Bank of Canada, is a
bank inCanada that is part of British banking giantHSBC - one of the largest banking groups in the world. HSBC Canada is the seventh largest bank in Canada, with offices in every province except Prince Edward Island, and is the largest foreign-owned bank in the country. Corporate headquarters are in the financial district ofVancouver, British Columbia .History
*1979:
The Hongkong and Shanghai Banking Corporation bought a Vancouver-based acceptance company that financed machinery and equipment for small companies operating in British Columbia.
*1981: The Hongkong and Shanghai Banking Corporation 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 inToronto andMontreal 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 ofBank 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 acquiredLloyds 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 became the largest foreign bank. (Lloyds Bank had acquiredContinental 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 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 acquiredBarclays Bank Canada . Barclays had re-entered Canada in 1979 and developed a diversified but modest range of activities. In 1985, it bought the assets ofWells 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 theNorth 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 acquiredNational 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 acquiredRepublic National Bank of New York (Canada) after HSBC acquired the parent bank. (Republic had entered Canada in 1982, and had itself acquired several banks. First, in 1993, Republic acquired Bank Leumi Le Israel (Canada). The next year, Republic bought Israel-basedBank Hapoalim (Canada). Lastly, in 1996, Republic boughtIsrael 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 acquiredCrédit Lyonnais Canada. Credit Commercial de France (Canada) had entered Canada in 1982 when it established an office in Montreal. Société Genérale (Canada) acquired it 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 two banks completed the transaction onJune 1 ,2004 .
*2007: In 2007,Maclean's magazine named HSBC Bank Canada one ofCanada's Top 100 Employers , one of only two banks in Canada to receive this honour. [cite web|url=http://www.eluta.ca/einfo?en=HSBC+Bank+Canada&ri=790e1b3a1a2506b60aaa5d7d4344b23e&rk=f06ab21f5908bbe4e5d46342a064fa24|title=Reasons for Selection, 2007 Canada's Top 100 Employers]Divisions
Operating divisions of HBC:
* HSBC Investments (Canada)
* HSBC Capital (Canada)
* HSBC Trust Company (Canada)
* HSBC Securities (Canada), which includes a discount brokerage division called HSBC InvestDirect
* HSBC Insurance Agency (Canada)Executives
* Lindsay Gordon, president and chief executive officer
* Matthew M Bosrock - deputy chief executive officer
* Brad J Meredith, executive vice president, corporate investment banking and markets
* Tracy Redies, executive vice president personal financial services
* Jon Hountalas, executive vice president commercial banking
* Graham McIsaac, chief financial officer
* Bob Anthony, chief credit officer
* Neal Beasley, chief information officer
* Scott Bartos, chief compliance officerponsorships
*
Vancouver Canucks Hockey Club
*Calgary Flames Hockey Club
* HSBCCelebration of Light - An annual international fireworks show inVancouver , BC
*MMICC - McGill Management International Case Competition inMontreal , QCMembership
HSBC Canada is a member of the
Canadian Bankers Association (CBA) and registered member with theCanada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:*
Interac
*MasterCard
*Cirrus Network
* The Exchange
* BMO Bank of Montreal (HSBC cardholders do not payATM usage fees at those locations).ee also
External links
* [http://www.hsbc.ca Official site]
* [http://www.hsbc.com HSBC site]References
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