BLAST FROM THE PAST: TODAY (NOVEMBER 11) IN FILIPINO HISTORY: HSBC INAUGURATES ITS FIRST BRANCH IN BINONDO, MANILA

On November 11, 1875, the Hong Kong and Shanghai Banking Corporation Limited (HSBC) established its first branch in Binondo, Manila, thus becoming the first foreign bank in the Philippines.

In 1883, a second branch was opened in Iloilo to serve the growing sugar industry in the area.

In 1971, the branch in Binondo was moved to Makati City. Ten years later, in 1981, the Iloilo branch was closed.

Following the introduction of the Foreign Bank Liberalisation Act of 1994, HSBC re-opened a branch in Binondo in 1995 and established a branch in Cebu in 1996. In 1999, a fifth branch was opened in Quezon City.

To cater to the needs of clients in the Mindanao area, a branch was opened in Davao in 2006.

The most recent addition is the branch in the Bonifacio Global City in Taguig, bringing the total number to seven main bank branches.

Reference: Philippine News Agency archives, HSBC Philippines website

(JR AMIGO/ai/mnm)