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| Topic: |
Business
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| Number of pages / Number of words: |
3 / 794 |
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These developments were complemented by the purchase of The British Bank of the Middle East in 1959 and the establishment of the Hongkong and Shanghai Banking Corporation of California in 1955.
By the 1970s the bank had firmly developed a policy of expansion by acquisition or formation of subsidiaries with their own identities and expertise...
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In the United States this expansion centred on the purchase of Marine Midland Bank. After taking a 51 per cent interest in the bank in 1980, full ownership was completed in 1987. In Europe the bank sought a similar investment and in 1987 it took a 14.9 per cent share in Midland Bank in the UK. A co-operation agreement between HSBC and Midland allowed the two banks to consolidate and rationalise their international activities by reciprocal transfers of business...
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