HSBC Bank Australia Limited (formerly the HongkongBank of Australia Limited) is the Australian subsidiary of

HSBC HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tri ...

. The bank offers a wide range of financial services in Australia through a network of 36 branches and offices. These services include retail and commercial banking, financial planning, trade finance, treasury and financial markets, payments and cash management and securities custody. HSBC Bank Australia was granted a

banking licence A banking licence is a legal prerequisite for a financial institution that wants to carry on a banking business. Under the laws of most jurisdictions, a business is not permitted to carry words like a ''bank'', ''insurance'', ''national'' in th ...

in 1986, although the bank had originally established an Australian presence as Hongkong Finance Ltd in 1964. It is a foreign bank in Australia, offering a wide range of banking products and services to the retail, commercial, corporate and institutional sectors. The bank's headquarters is located in

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, a suburb in central

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...

History

HSBC was granted an Australian banking licence 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

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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 :: — acquired

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sub-custody business in Australia and New Zealand :: — sold margin lending portfolio to

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:: — sold Australian online stockbroking business to

E-Trade E-Trade Financial Corporation (stylized as E*TRADE) is a financial services subsidiary of Morgan Stanley, which offers an electronic trading platform to trade financial assets. The company receives revenue from interest income on margin balanc ...

*2008 — established Global Investments business

Products and services

Bank accounts

HSBC offers a wide range of bank accounts in Australia, including transaction and

savings accounts A savings account is a bank account at a retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, trans ...

, term deposits and foreign currency accounts. All of HSBC's transaction accounts include a linked

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card, fee-free access to over 3000 ATMs Australia-wide, which include those from HSBC and banks that offer access to fee-free ATMs, access to

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and

internet banking Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial inst ...

, and are rated 5 stars for outstanding value by Canstar. HSBC Premier, which is available in Australia and in other markets within the HSBC Group, is a premium banking service that is available for its wealthy clients, and includes a personal financial planner service, an online share trading platform and SMSF assistance to advise upon all types of personal and business investments.

Credit cards

HSBC credit cards include low rate, low fee and rewards cards, with features including low interest rates and annual fees, balance transfer offers and an ability to earn HSBC Rewards points which can be redeemed for a range of products and services, or Qantas Points towards the

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program.

Home loans

HSBC home loans feature flexible repayment plans, a personal relationship manager and the ability to easily switch a home loan from another bank.

Personal loans

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. HSBC's personal loans were rated an expert's choice by Mozo for Overall Value.

Insurance

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.

References

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External links

HSBC Bank Australia website

HSBC Group website

HSBC New Zealand
{{DEFAULTSORT:Hsbc Bank Australia

Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

Banks of Australia Financial services companies based in Sydney Australian subsidiaries of foreign companies Banks established in 1985 Australian companies established in 1985