HSBC Bank Australia
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|Industry||Finance and Insurance|
|Martin Tricaud, CEO|
HSBC Bank Australia Limited (formerly the HongkongBank of Australia Limited) was granted a banking licence in 1986 by APRA having been established as HSBC Finance Company Limited in 1965. It is part of the worldwide HSBC Group. HSBC Bank Australia is a foreign bank in Australia, offering a wide range of banking products and services to the retail, commercial, corporate and institutional sectors.
The HSBC Group offers a wide range of financial services in Australia through a network of 36 branches and offices. These financial services include retail and commercial banking, financial planning, trade finance, treasury and financial markets, payments and cash management and securities custody. Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited, operating as the HongKong & Shanghai Banking Corporation Limited.
HSBC Finance Company Limited was formed in 1965. It changed its name to the HongkongBank of Australia Limited, and then to HSBC Bank Australia Limited.
HSBC was granted an Australian banking licence by APRA 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
- 2008 — established Global Investments business
Products and services
HSBC Bank Australia offers a wide range of bank accounts, including savings accounts, foreign currency accounts, Flexi saver accounts and day-to-day transaction accounts.
HSBC's savings accounts come with a linked HSBC Visa debit card, access to over 3000 ATMs Australia-wide with HSBC, Westpac, St. George, Bank of Melbourne and BankSA ATM networks, and are rated 5 stars for outstanding value by Canstar. HSBC Flexi saver accounts include bonus interest on top of standard interest rates, along with internet and mobile banking access. HSBC Multi currency accounts allow holdings in a range of currencies managed through a single, central bank account. HSBC's Serious saver account gives high interest rates for months in which no account withdrawals are made.
HSBC credit cards include the low rate, Platinum and Platinum Qantas credit card, with features including low interest rates and annual fees, balance transfer offers and bonus Qantas Frequent Flyer points on certain cards. Certain cards also earn HSBC Rewards points which can be redeemed for a range of products and services, or earn Qantas Frequent Flyer points towards the Qantas Frequent Flyer Program.
HSBC home loans feature flexible repayment plans, a Personal Relationship Manager and the ability to easily switch a home loan from another bank.
The HSBC Home Value Loan is a variable rate home loan that allows extra repayments, and the ability to split the loan with other home loans to suit requirements.
The HSBC Variable Rate Home Loan is a variable rate home loan with flexible repayments and an offset account available to reduce interest calculations.
The HSBC Home Smart Loan is a flexible home loan product that combines income, savings and loan into one account, allowing for redraws and extra payments.
The HSBC Home Equity Loan acts as a line of credit against equity in a property, with interest-only repayments and no fixed term period.
The HSBC Fixed Rate Home Loan allows an interest rate to be locked in over a predetermined term, for fixed payments.
The HSBC Market Linked Home Loan is a home loan for Australian expatriates working overseas, earning an income in US or Hong Kong dollars but wishing to purchase an investment property in Australia. The loan is also transferable between properties.
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. The HSBC personal loans were rated an expert's choice by Mozo for Overall Value.
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.
HSBC offers a personal financial planner service, an online share trading platform and SMSF assistance to advise upon all types of personal and business investments.
- Banking in Australia
- HSBC holdings plc (direct parent company)
- List of banks
- List of banks in Australia
- List of banks in Oceania
- Reserve Bank of Australia
- Australian Prudential Regulation Authority
- Australian Securities and Investments Commission
- 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