Word: hongkong
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Megabank HSBC has been as much a part of Hong Kong history as Victoria Harbor, high tea at the Peninsula Hotel and martial-arts movies. Founded in 1865 as the Hongkong and Shanghai Banking Corporation, HSBC backed some of city's most important businessmen, including tycoon Li Ka-shing, and remains Hong Kong's No. 1 bank. But for much of the past 20 years, HSBC has expended a lot of its energy striving to be more than an Asian institution. With major acquisitions in the U.K., the U.S. and elsewhere, HSBC grew into one of the world's largest...
Scotman Thomas Sutherland, a manager at a shipping company, wisely recognized the profits to be had in the burgeoning trade in a developing market like China. The bank he helped start, Hongkong and Shanghai, now called HSBC, became one of China's top financial institutions within just a few years of its founding. That...
Vincent Cheng bristles at the suggestion that ethnicity played a part in his becoming chairman of Hongkong & Shanghai Banking Corp. last month. "I don't see myself as different from my Indian or British colleagues," he says. But Cheng--the former anticolonial student leader who is the first Chinese to head the once colonial bastion--has long defied expectations. After being detained in the early 1970s while protesting for better treatment of Hong Kong's poor, he became an in-house adviser to the colony's British Governor in the late 1980s. Now he will have to prove...
...TOOK OFFICE. VINCENT CHENG, 56, the first ethnic Chinese Chairman of the Hongkong and Shanghai Banking Corporation, the Asia-Pacific arm of HSBC Group, the world's second-largest bank by assets and a symbol of British colonial power; after being named to the position last December; in Hong Kong. Cheng, who grew up in a working-class tenement and suffered from polio as a child, embraced social activism in the early 1970s (he was once arrested while protesting the demolition of a squatter camp) before joining the bank in 1978 and rising rapidly through the ranks. On reporting...
...Hong Kong For around $230, you can hire an antique tram from Hongkong Tramways to take you and 24 friends on a two-hour trip around the city's main districts. The tram has a built-in music system, and you can bring your own booze to sip as you roll past landmarks like Times Square mall and the Happy Valley racecourse. www.hktramways.com...