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
- 2008
- Established Global Investments business
Read more about this topic: HSBC Bank Australia
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