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Title: hsbc holding plc

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Subject: Business
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Date: December 22, 2006
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Length: 3 / 794
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These changes carried the risk that the bank was over-concentrating its interests in Hong Kong. The bank addressed this concern by diversifying its business in a series of alliances and acquisitions. In the Asia-Pacific region, key additions were the Mercantile Bank in 1959; a controlling interest in Hang Seng Bank Limited in 1965; and the formation of a merchant bank arm, Wardley Limited, in 1972...

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These developments were complemented by the purchase of The British Bank of the Middle East in 1959 and the establishment of the Hongkong and Shanghai Banking Corporation of California in 1955. By the 1970s the bank had firmly developed a policy of expansion by acquisition or formation of subsidiaries with their own identities and expertise...

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