Bank of Scotland and Non Ordinarily resident Status

rt29781

gozomark wrote: »

I think you mean

We save a large sum of money in a long term account. There are very few costs involved. We bank electronically. Banks lend money to people and they pay interest to savers

see http://en.wikipedia.org/wiki/Investment
An asset is usually purchased, or equivalently a deposit is made in a bank, in hopes of getting a future return or interest from it.
Investment/saving same thing in the context it was used. Seems to be a culture of bullying on this forum.

rt29781

gozomark wrote: »

HSBC is a UK bank - its incorporated in the UK, and its HQ are in London

HSBC stands for the Hongkong and Shanghai Banking Corporation of California formed in 1955. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 220,000 shareholders in 119 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.

If you want to think of it as a UK bank then HSBC's marketing has done a great job. It is a truly global bank with its roots in the far east (Hong Kong). My point is it that it is not a UK formed bank like HBOS and has a broader view than most banks due to its worldwide coverage.

The inspiration behind the founding of the bank was Thomas Sutherland, a Scot who was then working for the Peninsular and Oriental Steam Navigation Company. He realised that there was considerable demand for local banking facilities in Hong Kong and on the China coast and he helped to establish the bank which opened in Hong Kong in March 1865 and in Shanghai a month later. Soon after its formation the bank opened agencies and branches around the world. Although that network reached as far as Europe and North America, the emphasis was on building up representation in China and the rest of the Asia-Pacific region. HSBC was a pioneer of modern banking practices in a number of countries. In Japan, where a branch was established in 1866, the bank acted as adviser to the government on banking and currency. In 1888, it was the first bank to be established in Thailand, where it printed the country’s first banknotes.

gozomark

HSBC is legally a UK bank as that's where its incorporated. It used to be incorporated in Hong Kong, but switched to the UK ahead of HK's handover to China. Its certainly not a US bank, as you claim.

gozomark

There is a fundamental difference between saving and investment. You save with a bank, or you invest in a bank. Investing means to take partial ownership, whereas saving means to be a customer. Savings finance investment.

rt29781

gozomark wrote: »

HSBC is legally a UK bank as that's where its incorporated. It used to be incorporated in Hong Kong, but switched to the UK ahead of HK's handover to China. Its certainly not a US bank, as you claim.

Hong Kong served as the bank¹s headquarters until 1992 when it was FORCED to move to London as a condition of completing the acquisition of Midland Bank.[5]
Recent acquisitions and expansion in China are returning HSBC to part of its roots.[6] HSBC has an enormous operational base in Asia and significant lending, investment, and insurance activities around the world. The company has a global reach and financial fundamentals matched by few other banking or financial multinationals.[7]

As I said if you want to regard it as a UK bank then so be it but it is plainly a global bank with its roots in Asia.

Aegis

HSBC is a UK-domiciled Group, headquartered in London, with semi-independent subsidiary operations worldwide. It most certainly is NOT a US bank, and only has a relatively small presence in North America. I believe there are more branches in South America at present due to some successful takeovers.

The UK bank owned by HSBC Group (called HSBC Bank UK) has always been a UK bank, i.e. Midland bank prior to takeover.

rt29781

Aegis wrote: »

HSBC is a UK-domiciled Group, headquartered in London, with semi-independent subsidiary operations worldwide. It most certainly is NOT a US bank, and only has a relatively small presence in North America. I believe there are more branches in South America at present due to some successful takeovers.


The UK bank owned by HSBC Group (called HSBC Bank UK) has always been a UK bank, i.e. Midland bank prior to takeover.

CEO Michael Geoghegan's relocation from London, announced in September, brings HSBC's power base back to its place of birth 144 years ago and emphasises the increasing importance of Asia, and China in particular, to its future growth.

gozomark

How does that prove its a US bank ?

rt29781

gozomark wrote: »

How does that prove its a US bank ?

HSBC stands for the Hongkong and Shanghai Banking Corporation of California formed in 1955. Its a corporation. Know any UK corporations?

Jonbvn

rt29781 wrote: »

HSBC stands for the Hongkong and Shanghai Banking Corporation of California formed in 1955. Its a corporation. Know any UK corporations?

OP,

Since you are the font of all knowledge and wisdom, I can't understand why you posted your question in the first place????;)