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The story
The Hongkong and Shanghai Banking Corporation established its Shanghai branch office on 3 April 1865, previous to other upstarts of HSBC, and indeed, as part of the historic English investment of Eastern Asian nations in the 19th century. Apart from the period 1941 to 1945, during which Japan forced HSBC and other foreign-invested banks to leave the local market, it has had a continuous presence in the city. HSBC was historically housed in one of the largest and most impressive buildings on The Bund, Shanghai's boulevard formerly known as the "Wall Street of the Orient".
In April 1955, HSBC handed over this office to the Communist government, and its activities were continued in rented premises. Its activities were mainly in inward remittances and export bills until the economic reforms of the late 1970s. Chinese authorities had offered to lease HSBC its old headquarters on The Bund in 1995 but the offer was turned down. In 2000, HSBC China moved into HSBC Tower across the river in the Pudong area of Shanghai. In 2010, HSBC China's headquarters moved out of the HSBC Tower and moved into HSBC Building in Shanghai IFC.
In July 2022, HSBC became the first foreign lender to open a Chinese Communist Party committee in its Chinese investment banking subsidiary. The subsidiary, HSBC Qianhai Securities, is a 90% HSBC-owned joint venture.
In June 2024, HSBC Bank (China) started to provide digital yuan services to its corporate clients.
From Wikipedia’s article on HSBC Bank (China), shared under CC BY-SA 4.0.5