HSBC 2007 Annual Report Download - page 464

HSBC HOLDINGS PLC
Shareholder Information (continued)
History and development / Organisational Structure
462
Grupo Roberts, now part of HSBC Bank
Argentina S.A.
1999 HSBC acquires Republic New York
Corporation, subsequently merged with
HSBC USA, Inc., and Safra Republic
Holdings S.A.
2000 HSBC completes its acquisition of 99.99 per
cent of the issued share capital of Crédit
Commercial de France S.A., now HSBC
France.
2002 HSBC acquires 99.59 per cent of Grupo
Financiero Bital, S.A. de C.V., the holding
company of what is now HSBC Mexico.
2003 HSBC acquires Household International, Inc.,
now HSBC Finance Corporation. HSBC
Finance brings to the Group national
coverage in the US for consumer lending,
credit cards and credit insurance through
multiple distribution channels.
2003 HSBC acquires Banco Lloyds TSB S.A.-
Banco Múltiplo in Brazil and the country’s
leading consumer finance company, Losango
Promotora de Vendas Limitada.
2004 HSBC Bank USA, Inc. merges with HSBC
Bank & Trust (Delaware) N.A. to form HSBC
Bank USA, N.A.
2004 The acquisition of The Bank of Bermuda
Limited is completed.
2004 HSBC acquires Marks and Spencer Retail
Financial Services Holdings Limited, which
trades as Marks and Spencer Money (‘M&S
Money’) in the UK.
2004 HSBC acquires 19.9 per cent of Bank of
Communications, mainland China’s fifth-
largest bank by total assets, and Hang Seng
Bank acquires 15.98 per cent of Industrial
Bank.
2005 HSBC increases its holding in Ping An
Insurance to 19.9 per cent, having made its
initial investment in 2002. Ping An Insurance
is the second-largest life insurer and the third-
largest property and casualty insurer in
mainland China.
2005 HSBC Finance completes the acquisition of
Metris Companies Inc., making HSBC the
fifth-largest issuer of MasterCard and Visa
cards in the USA.
2006 HSBC acquires Grupo Banistmo S.A.
(‘Banistmo’), the leading banking group in
Central America, through a tender offer to
acquire 99.98 per cent of the outstanding
shares of Banistmo.
2007 During the first half of the year, HSBC’s three
associates in mainland China, Industrial
Bank, Ping An Insurance and Bank of
Communications, issue new shares. HSBC
does not subscribe and, as a result, its
interests in the associates’ equity decrease
from 15.98 per cent to 12.78 per cent, from
19.90 per cent to 16.78 per cent and from
19.90 per cent to 18.60 per cent, respectively.
A gain of US$1.1 billion accrues to HSBC
from the increase in the associates’
underlying net assets. Subsequently, in
September and October, HSBC increases its
holding in Bank of Communications from
18.60 per cent to 19.01 per cent for US$308
million.
2007 In September, HSBC agrees to acquire
51.02 per cent of the issued share capital of
Korea Exchange Bank for US$6.5 billion,
payable in cash, subject to a number of
conditions including regulatory approvals.
2007 In December, HSBC is named the successful
bidder in a government auction to acquire the
assets, liabilities and operations of Chinese
Bank Co., Ltd in Taiwan, with a subsidy
equivalent to US$1.5 billion from Taiwan
Government’s Central Deposit Insurance
Corporation. HSBC agrees to provide
additional capital of between US$300 million
and US$400 million to ensure appropriate
financial ratios are maintained.