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Saudi British Bank: HSBC's Saudi Arabian Experience |
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Background Note - The HSBC GroupDuring the rest of the 19th century and the first half of the 20th century, the bank expanded rapidly in the Asia-Pacific region through organic growth as well as by entering into various strategic alliances. HSBC opened branches in Japan (in 1866, where it acted as a banking advisor to the government), Thailand (in 1888, where it printed the country's first banknotes), India (1867), Philippines (1875), Singapore (1877) and other geographical locations which are now recognized as Malaysia, Burma, Vietnam and Sri Lanka. By the 1880s, HSBC became the banker for the Hong Kong Government and the only joint banker for British accounts in Japan, Singapore, China and Penang.
By 1902, HSBC had become the foremost financial institution in Asia and was regarded as the pioneer of modern banking practices in the Asia-Pacific region. HSBC's support to skilled and experienced entrepreneurs contributed greatly to the revival of the manufacturing sector in Hong Kong. By the mid-1950s, HSBC's total assets stood at HK$36 billion (Hong Kong Dollar). However, the company's board realized that HSBC's future growth prospects would be limited if it restricted its operations to Hong Kong and China. Thus, HSBC decided to diversify both its business and its geographical spread through a series of acquisitions and alliances. From 1953 onwards, HSBC expanded its operations mainly by acquiring other banks and forming alliances (Refer Table I for key events in the company's history till 2003)...
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