HSBC Bank Australia Limited (formerly the HongkongBank of Australia Limited) was granted a banking licence in 1986 having been established as HSBC Finance Company Limited in 1965. It is part of the worldwide HSBC Group. HSBC Bank Australia is a leading[dubious– discuss] international bank in Australia, offering a full range of banking products and services to the retail, commercial, corporate and institutional sectors.
HSBC Bank Australia offers a full range of financial services through a network of 25 branches as well as via direct channels. The 25th HSBC branch was opened in North Sydney on 20 April 2010 by the Hon. Joe Hockey, Member for North Sydney and Shadow Treasurer. The new North Sydney branch marks the start of HSBC's expansion of its Australian branch network, with media reports suggesting it will open up to 100 new branches in Australia.
HSBC was granted a banking licence 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.
Launched Commercial Financial Services
Launched Personal Financial Services
Began to be profitable after several years of losses
Discount home loans introduced in Australia
Telephone banking and credit cards introduced
Established HSBC InvestDirect (Australia) Limited
Financial planning services introduced in Australia