State Bank cancels license of Hong Kong-Shanghai Banking Corp
State Bank of Pakistan has cancelled the banking license of the Hong Kong and Shanghai Banking Corporation Limited-Pakistan Operations with effect from close of the business of May 15.
The Central Bank as acted in line with the scheme of amalgamation of the Hong Kong and Shanghai Banking Corporation Limited-Pakistan Operations with and into the HSBC Bank Middle East Limited-Pakistan Operations, sanctioned on April 18, 2008 under Section 48 of the Banking Companies Ordinance (BCO) 1962, says SBP press release here on Thursday.
State Bank of Pakistan has canceled the license by exercising its powers conferred on it by Section 27 (4) (i) of BCO 1962.
Why?
What does amalgamation mean?
What does amalgamation mean?
QUOTE(shahid_2dk @ May 15 2008, 01:02 PM) 
Why?
What does amalgamation mean?
What does amalgamation mean?
When two entities come togeather, essentially a term for what is usually a takeover, but has state actors involved in facilitating it.
the gossip in financial sector is that recently HSBC gave outrageous raises and bonuses to its employees and really managed to shake the infrastructure and moral in other banks, big players were looking at a chance to get back at HSBC on something and i guess they got it by what ever that mumble gumble section blah blah means
the above is NOT a bad news.
Its just a public notification news.
Basically, the bank which got taken over by HSBC i.e. Hong Kong and Shanghai Banking Corporation Limited.
Which means that Hong Kong and Shanghai Banking Corporation Limited can no longer work as a Bank in pakistan.
While HSBC will now takeover all of Hong Kong and Shanghai Banking Corporation Limited's operations.
Its just a public notification news.
Basically, the bank which got taken over by HSBC i.e. Hong Kong and Shanghai Banking Corporation Limited.
Which means that Hong Kong and Shanghai Banking Corporation Limited can no longer work as a Bank in pakistan.
While HSBC will now takeover all of Hong Kong and Shanghai Banking Corporation Limited's operations.
QUOTE(instantexcess @ May 15 2008, 01:52 PM)
When two entities come togeather, essentially a term for what is usually a takeover, but has state actors involved in facilitating it.
Thanks bro
Hongkong & Shanghai Banking Corp = Hong Kong Bank = HSBC
HSBC - Pakistan Operations has been amalgamated with HSBC - Middle East operations.
Now HSBC (PO) will cease to exist, and begin a new chapter as HSBC (ME Op).
No change in name.
HSBC - Pakistan Operations has been amalgamated with HSBC - Middle East operations.
Now HSBC (PO) will cease to exist, and begin a new chapter as HSBC (ME Op).
No change in name.
HSBC Pakistan merged into HSBC ME
KARACHI: Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations has merged with and into the HSBC Bank Middle East Limited, which has been declared as a scheduled bank in Pakistan. As a result, State Bank of Pakistan directed the de-scheduling of the Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations. The central bank has also cancelled the banking license of the Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations with effect from close of the business on May 15, 2008.
KARACHI: Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations has merged with and into the HSBC Bank Middle East Limited, which has been declared as a scheduled bank in Pakistan. As a result, State Bank of Pakistan directed the de-scheduling of the Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations. The central bank has also cancelled the banking license of the Hongkong and Shanghai Banking Corporation Limited-Pakistan Operations with effect from close of the business on May 15, 2008.
QUOTE(Shehz @ May 15 2008, 04:33 PM)
Hongkong & Shanghai Banking Corp = Hong Kong Bank = HSBC
HSBC - Pakistan Operations has been amalgamated with HSBC - Middle East operations.
Now HSBC (PO) will cease to exist, and begin a new chapter as HSBC (ME Op).
No change in name.
HSBC - Pakistan Operations has been amalgamated with HSBC - Middle East operations.
Now HSBC (PO) will cease to exist, and begin a new chapter as HSBC (ME Op).
No change in name.
Sorry, i missed the acrynom completely.
But my point remains, that above isn't necessarily bad news, unless offcourse there are certain vested perspectives i am unaware of.
HSBC declared scheduled bank
The State Bank of Pakistan (SBP), in exercise of the powers conferred on it by clause (a) of sub-section (2) of Section 37 of the SBP Act, 1956, is pleased to declare the HSBC Bank Middle East Limited in Pakistan as scheduled bank from May 16, 2008.
In another circular, the central bank said that in pursuant to the scheme of amalgamation of the Hongkong and Shanghai Banking Corporation Limited - Pakistan operations with and into the HSBC Bank Middle East Limited - Pakistan operations, sanctioned on April 18, 2008, the SBP in exercise of the powers conferred on it by Section 27 (4) (i) of BCO 1962, has cancelled the banking license of the Hongkong and Shanghai Banking Corporation Limited - Pakistan Operations with effect from close of the business of May 15, 2008.
In exercise of the powers conferred on it by clause (b) of Sub-Section (2) of Section 37 of the SBP Act, 1956, the central bank is pleased to direct the de-scheduling of the Hongkong and Shanghai Banking Corporation Limited - Pakistan operations with effect from the close of business n Thursday on account of its merger with and into the HSBC Bank Middle East Limited - Pakistan operations, in terms of provision of Section 48 of the Banking Companies Ordinance, 1962.
The State Bank of Pakistan (SBP), in exercise of the powers conferred on it by clause (a) of sub-section (2) of Section 37 of the SBP Act, 1956, is pleased to declare the HSBC Bank Middle East Limited in Pakistan as scheduled bank from May 16, 2008.
In another circular, the central bank said that in pursuant to the scheme of amalgamation of the Hongkong and Shanghai Banking Corporation Limited - Pakistan operations with and into the HSBC Bank Middle East Limited - Pakistan operations, sanctioned on April 18, 2008, the SBP in exercise of the powers conferred on it by Section 27 (4) (i) of BCO 1962, has cancelled the banking license of the Hongkong and Shanghai Banking Corporation Limited - Pakistan Operations with effect from close of the business of May 15, 2008.
In exercise of the powers conferred on it by clause (b) of Sub-Section (2) of Section 37 of the SBP Act, 1956, the central bank is pleased to direct the de-scheduling of the Hongkong and Shanghai Banking Corporation Limited - Pakistan operations with effect from the close of business n Thursday on account of its merger with and into the HSBC Bank Middle East Limited - Pakistan operations, in terms of provision of Section 48 of the Banking Companies Ordinance, 1962.
QUOTE(instantexcess @ May 16 2008, 12:45 AM)
But my point remains, that above isn't necessarily bad news, unless offcourse there are certain vested perspectives i am unaware of.
You're correct.
It's just a formality for SEC and the KSE, nothing more.
I can bet that the bank was open for business as scheduled, even customer account numbers will not change or cease.
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