HSBC 2006 Annual Report Download - page 446

HSBC HOLDINGS PLC
Shareholder Information (continued)
History and development / Organisational structure
444
2004 HSBC acquires Marks and Spencer Retail
Financial Services Holdings Limited, which
trades as Marks and Spencer Money (‘M&S
Money’) in the UK.
2004 HSBC acquires 19.9 per cent of Bank of
Communications, mainland China’s fifth-
largest bank by total assets, and Hang Seng
Bank acquires 15.98 per cent of Industrial
Bank.
2005 HSBC increases its holding in Ping An
Insurance to 19.9 per cent, having made its
initial investment in 2002. Ping An Insurance
is the second-largest life insurer and the third-
largest property and casualty insurer in
mainland China.
2005 HSBC Finance completes the acquisition of
Metris Companies Inc., making HSBC the
fifth-largest issuer of MasterCard and Visa
cards in the USA.
2006 In July, HSBC enters into an agreement with
Grupo Banistmo S.A. (‘Banistmo’), the
leading banking group in Central America, to
make a tender offer to acquire 99.98 per cent
of the outstanding shares of Banistmo for a
total consideration of US$1.97 billion. The
transaction is completed in November.
Banistmo’s principal area of operation is
Panama, but the group also has a significant
presence in five countries new to HSBC,
namely Costa Rica, Honduras, Colombia,
Nicaragua and El Salvador.