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After the establishment of Hong Kong as a British colony in 1842, the territory witnessed the foundation of its modern banking system. [1] The Hongkong and Shanghai Banking Corporation (HSBC) was established in 1865, with the primary purpose of financing trade between China and Europe.
As one of the top five financial centres worldwide, Hong Kong has one of the highest concentrations of banking institutions in the world, with 70 of the largest 100 banks in the world having an operation in Hong Kong. As of 2019, there were 164 licensed banks, 17 restricted licence banks and 13 deposit-taking companies in business, constituting ...
HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). [5] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue.
The Bank has over 100 years of history in Hong Kong, when its predecessor, the Bank of Canton - the first Chinese-owned bank in the territory - was founded in February 1912. The Bank of Canton was acquired by the Security Pacific National Bank in 1988, and was renamed Security Pacific Asian Bank .
Standard Chartered Hong Kong (officially Standard Chartered Bank (Hong Kong) Limited, Chinese: 渣打銀行(香港)有限公司) is a licensed bank incorporated in Hong Kong and a subsidiary of Standard Chartered. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
The Shanghai Commercial Bank (SCB; Chinese: 上海商業銀行) is an international bank based in Hong Kong. Its subsidiary companies offer banking and financial services across the world, but mainly in China, the United Kingdom , and the United States .
DBS Bank (Hong Kong) Limited (Chinese: 星展銀行（香港）有限公司) is a licensed bank incorporated in Hong Kong and is a subsidiary of DBS Bank headquartered in Singapore. As of 2022, it is the eighth-largest bank in Hong Kong by total assets. [2] DBS Bank Branch on Des Voeux Road Central, Central, Hong Kong.
The Hongkong Chinese Bank Limited (HKCB) (Traditional Chinese: 香港華人銀行有限公司) was a bank in Hong Kong.It was owned by HKCB Bank Holding Company Limited (SEHK: 655), which in turn was majority owned by a joint venture company owned by listed companies Lippo China Resources and the China Resources Enterprise.