HSBC Bank Australia Limited
TypeSubsidiary
IndustryBanking
Founded1985 (1985)
HeadquartersSydney, Australia
Key people
Martin Tricaud, CEO
ProductsFinancial services, consumer banking, investment banking, wealth management, mortgages, personal loans, credit cards
ParentHSBC Holdings plc[1]
Websitewww.hsbc.com.au

HSBC Bank Australia Limited (formerly the Hong Kong Bank of Australia Limited[2]) is the Australian subsidiary of HSBC.[1] The bank offers a wide range of financial services in Australia through a network of 36 branches and offices. These services include retail and commercial banking, financial planning, trade finance, treasury, and financial markets, payments and cash management, and securities custody.

HSBC Bank Australia was granted a banking licence in 1986, although the bank had originally established an Australian presence as Hongkong Finance Ltd in 1964.[3] It is a foreign bank in Australia, offering a wide range of banking products and services to the retail, commercial, corporate and institutional sectors.

The bank's headquarters is located in Barangaroo, a suburb in central Sydney.

History

HSBC was granted an Australian banking licence 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 — introduced discount home loans in Australia
  • 1997 — introduced telephone banking and credit cards
  • 1998 — established HSBC InvestDirect (Australia) Limited
— introduced financial planning services in Australia
  • 2001 — acquired NRMA Building Society Limited
— launched internet banking for personal customers 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

Products and services

Bank accounts

HSBC offers a wide range of bank accounts in Australia, including transaction and savings accounts, term deposits, and foreign currency accounts.

All of HSBC's transaction accounts include a linked Visa Debit card, fee-free access to over 3000 ATMs Australia-wide, which include those from HSBC and banks that offer access to fee-free ATMs, access to mobile and internet banking, and are rated 5 stars for outstanding value by Canstar.[4]

HSBC Premier, which is available in Australia and other markets within the HSBC Group, is a premium banking service that is available for its wealthy clients and includes a personal financial planning service, an online share trading platform, and SMSF assistance to advise upon all types of personal and business investments.

Credit cards

HSBC credit cards include low-rate, low-fee, and rewards cards, with features including low-interest rates and annual fees, balance transfer offers, and an ability to earn HSBC Rewards points which can be redeemed for a range of products and services, or Qantas Points towards the Qantas Frequent Flyer program.

Home loans

HSBC home loans feature flexible repayment plans, a personal relationship manager, and the ability to easily switch a home loan from another bank.

Personal loans

HSBC personal loans provide the ability to borrow money when needed for a range of situations. Applications can be completed online, with quick approval and transfer of funds, along with fixed repayments. HSBC's loans were rated an expert's choice by Mozo for Overall Value.[5]

Insurance

HSBC Insurance products include general home and contents or landlord insurance, car insurance, life insurance including critical illness cover and life cover, as well as travel insurance, issued by Allianz Australia Life Insurance Limited.

See also

References

  1. 1 2 About HSBC
  2. ↑ "HSBC BANK AUSTRALIA LIMITED ACN 006 434 162". Retrieved 10 March 2021.
  3. ↑ "HSBC FINANCE (AUSTRALIA) PTY LIMITED ACN 000 481 907". Retrieved 10 March 2021.
  4. ↑ "HSBC Bank Accounts | Transactional, Savings - HSBC AU".
  5. ↑ "HSBC Personal Loans | Loan Finance Online - HSBC AU".
  • Barry Williams (December 2006). "Foreign Banks: What Do We Know". Economic Papers, Special Edition. Economic Society of Australia.
  • Dr Diana Beal (2002), Overview of Financial Services Post-Deregulation
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