HSBC 2003 Annual Report Download - page 279

277
26 Investments
(a) HSBC Holdings
Shares in
HSBC
undertakings
Loans to
HSBC
undertakings
Other
investments
other than loans Total
US$m US$m US$m US$m
At 1 January 20031 ........................................................ 57,510 4,163 484 62,157
Additions ....................................................................... 2,796 – 53 2,849
Repayments and redemptions ........................................ – (375) – (375)
Write-up of subsidiary (Note 36) .................................. 20,195 – – 20,195
At 31 December 2003 .................................................. 80,501 3,788 537 84,826
‘Loans to HSBC undertakings’ includes qualifying or regulatory capital and similar financing which can only be
repaid by the relevant HSBC undertaking with the consent of its local regulatory authority.
On the historical cost basis, shares in HSBC undertakings would have been included as follows:
2003 2002
US$m US$m
Cost less provisions of US$191 million (2002: US$191 million) ................................................ 46,531 43,731
1Figures for 2002 have been restated to reflect the adoption of UITF Abstracts 37 ‘Purchases and sales of own shares’, and 38
‘Accounting for ESOP trusts’, details of which are set out in Note 1.
(b) The principal subsidiary undertakings of HSBC Holdings are:
Country
of incorporation or
registration
Principal
activity
Issued equity
capital
Europe
CCF S.A. (99.99% owned) ...................................................... France Banking €372m
HFC Bank Limited .................................................................. England Financial services £109m
HSBC Bank A.S. ..................................................................... Turkey Banking TRL277bn
HSBC Asset Management (Europe) Limited ........................... England Investment banking £142m
HSBC Asset Finance (UK) Limited ........................................ England Finance £265m
HSBC Bank Malta p.l.c. (70.03% owned) ............................... Malta Banking Lm9m
HSBC Bank Middle East Limited ............................................ Jersey Banking US$331m
HSBC Bank plc (directly owned) ............................................ England Banking £797m
HSBC Guyerzeller Bank AG (93.51% owned)1 ....................... Switzerland Private banking SFr95m
HSBC Insurance Brokers Limited ........................................... England Insurance £2.8m
HSBC Life (UK) Limited ........................................................ England Insurance £94m
HSBC Private Bank (Guernsey) Limited
(formerly HSBC Republic Bank (Guernsey) Limited) ........ Guernsey Private banking US$5m
2
HSBC Private Bank (Suisse) S.A.
(formerly HSBC Republic Bank (Suisse) S.A. .................... Switzerland Private banking SFr683m
HSBC Republic Bank (UK) Limited ....................................... England Private banking £112m
HSBC Trinkaus & Burkhardt KGaA
(partnership limited by shares, 73.47% owned) ................... Germany Banking €70m
Hong Kong
Hang Seng Bank Limited (62.14% owned) ............................. Hong Kong Banking HK$9,559m
The Hongkong and Shanghai Banking Corporation Limited ... Hong Kong Banking
H
HK$16,254m
HSBC Insurance (Asia) Limited .............................................. Hong Kong Insurance HK$125m
HSBC Life (International) Limited .......................................... Bermuda
Retirement benefits
and life assurance HK$327m
Rest of Asia-Pacific
HSBC Bank Egypt S.A.E. (94.53% owned) ............................ Egypt Banking E£352m
HSBC Bank Australia Limited ................................................ Australia Banking A$641m
HSBC Bank Malaysia Berhad ................................................. Malaysia Banking RM$114m
HSBC Asset Management (Taiwan) Ltd (99.94% owned) ...... Taiwan Investment banking TWD788m