HSBC 2004 Annual Report Download - page 281

279
Country
of incorporation or
registration
Principal
activity
Issued equity
capital
North America
The Bank of Bermuda Limited .......................................... Bermuda Financial services US$30m
HSBC Bank Canada ......................................................... Canada Banking C$1,125m
HSBC Bank USA, N.A. .................................................... United States Banking US$2m
HSBC Finance Corporation .............................................. United States Financial services US$1,100m
HSBC Mexico S.A. (99.74% owned) ................................ Mexico Banking MXP3,399m
HSBC Securities (USA) Inc. ............................................. United States Investment Banking –2
HSBC Technology & Services (USA) Inc. ....................... United States Technology –2
South America
HSBC Bank Argentina S.A. (99.99% owned) ................... Argentina Banking ARS1,110m
HSBC Bank Brasil S.A. – Banco Múltiplo ....................... Brazil Banking BRL1,761m
HSBC La Buenos Aires Seguros S.A. (99.52% owned) .... Argentina Insurance ARS44m
HSBC Seguros (Brasil) S.A. (97.90% owned) .................. Brazil Insurance BRL194m
Máxima S.A. AFJP (59.99% owned) ................................ Argentina
Pension fund
management ARS84m
1HSBC also owns 100% of the issued redeemable preference share capital of US$17 million.
2Issued equity capital is less than US$1 million.
All the above subsidiaries are included in the consolidation.
Details of all HSBC companies will be annexed to the next Annual Return of HSBC Holdings filed with the UK
Registrar of Companies.
Except where indicated otherwise, the issued equity capital of the above undertakings is wholly-owned by HSBC
and is held by subsidiaries of HSBC Holdings. All the above make their financial statements up to 31 December
except for HSBC Bank Argentina S.A., HSBC La Buenos Aires Seguros S.A. and Máxima S.A. AFJP, whose
financial statements are made up to 30 June annually.
The principal countries of operation are the same as the countries of incorporation except for HSBC Bank
Middle East Limited which operates mainly in the Middle East, and HSBC Life (International) Limited which
operates mainly in Hong Kong.
(c) Acquisitions
HSBC made the following acquisitions of subsidiary undertakings or business operations in 2004, which were
accounted for on an acquisition basis:
(i) On 18 February 2004, HSBC acquired the entire share capital of the Bank of Bermuda for a cash
consideration of US$1,224 million. Goodwill of US$651 million arose from this acquisition.
(ii) On 31 May 2004, HSBC Bank Canada, a wholly-owned subsidiary of HSBC, acquired Intesa Bank
Canada for a cash consideration of US$88 million. No goodwill arose from this acquisition.
(iii) On 22 December 2004, Grupo Financiero HSBC S. A. de C. V., a subsidiary of HSBC, acquired Allianz
Rentas Vitalicias for a cash consideration of US$30 million. Negative goodwill of US$7 million arose
from this acquisition.
(iv) On 9 November 2004, HSBC Bank plc, a wholly-owned subsidiary of HSBC, acquired 100 per cent of
Marks and Spencer Retail Financial Services Holdings Ltd and subsidiary companies for a cash
consideration of US$1,044 million. Goodwill of US$509 million arose from the acquisition.
(v) On 19 August 2004, HSBC Bank Brasil S. A. – Banco Múltiplo, a wholly-owned subsidiary of HSBC,
acquired the consumer finance operations of Indusval Multistock Group for a cash consideration of
US$126 million. Goodwill of US$50 million arose from this acquisition.
(vi) On 22 September 2004, The Bank of Bermuda Limited, a wholly-owned subsidiary of HSBC, acquired the
entire share capital of BoE International Fund Services Limited and BoE International Fund Managers
Limited for a cash consideration of US$5 million. Goodwill of US$4 million arose from this acquisition.
(vii) On 29 November 2004, HSBC Bank Brasil S. A. – Banco Múltiplo, a wholly-owned subsidiary of HSBC,
acquired CrediMatone S. A. for a cash consideration of US$11 million. Goodwill of US$11 million arose
from this acquisition.