HSBC in Sri Lanka

Our services

HSBC Bank Sri Lanka is the leading international bank in Sri Lanka, providing a comprehensive range of banking and financial services supporting the growth ambitions of its customers from governments and multinationals to international corporates, family conglomerates, entrepreneurs, and individuals.

HSBC Sri Lanka serves its personal and business banking customers through a full range of services including: Wealth and Personal Banking, Commercial Banking and Global Markets.

HSBC also operates in Sri Lanka through HSBC Electronic Data Service Delivery which is one of the bank’s Global Service Centres. The centre was established in June 2004 and now supports HSBC customers and businesses across 42 different countries and territories.

Our headquarters

1, 24 Sir Baron Jayatilaka Mawatha
Colombo
00100

[HQ picture: Supun Weerasinghe]

Our CEO

Mark Surgenor

Our history in Sri Lanka

HSBC Sri Lanka operates as a leading international bank in the country with a proud history stretching back more than 130 years. The bank serves customers through three global businesses: Wholesale Banking, Global Markets, and Wealth and Personal Banking.

HSBC officially opened its doors in Sri Lanka on Friday 1 July 1892, just 27 years after its first offices were established in Hong Kong and Shanghai. The Hongkong and Shanghai Banking Corporation (formerly known as the Hongkong bank and more recently as HSBC) maintained an international outlook from the start, while its activities centred on trade finance. Over the course of its first few years HSBC built up a network of agencies and branches around the world. By the turn of the century the Asian branch network had extended to Japan, Sri Lanka, the Philippines, Singapore, Thailand, Myanmar and Vietnam.

In 1892, HSBC appointed Delmege Reid and Co. - the predecessor of the present Delmege Forsyth and Co. Ltd. - as its agency in Colombo. In 1894 the island’s economy suffered a severe setback when coffee plantations throughout the country were almost totally destroyed by disease.

As a result of this and the folding up of the once great Orient Bank, HSBC saw an opening for a corporate bank like itself. In the early 1920s the bank purchased and began construction on land adjoining the Bank of Madras. HSBC moved into its new home at 24, Sir Baron Jayatilaka Mawatha, an impressive landmark in Colombo's architectural and business landscape.

Through the good times and the bad that followed, HSBC supported Sri Lankan businesses. The “Chetty Crisis” which began in 1927 was so termed because many Chettiar business people were forced to default on their loans. While the impression was that foreign banks discriminated against Sri Lankans and did not advance monies freely to local businesses, half of HSBC's lending during this time was to Indians and Sri Lankans.

With the stationing of the British Air Force in parts of Sri Lanka during the Second World War, HSBC became a hub of activity. During this time and until 1956, the Government of Ceylon kept a very substantial revenue account with HSBC.

Throughout its history in Sri Lanka, HSBC has introduced many ‘firsts’ in the industry, including the first Automated Teller Machine (ATM) in 1986; computerised banking operations in Sri Lanka; and revolutionised banking with the issuance of the first credit cards in 1994, among many other novel products and services.

HSBC Electronic Data Processing

Read more about our Global Service Centre in Sri Lanka and the service it provides to HSBC operations around the world.

HSBC Group history timeline

1865

2024

Hong Kong harbour, Chinese artist, early 1860s

Staff in Fuzhou, China, 1887

Portrait of Thomas Jackson, around 1890

Chinese railway bond certificate, 1907

Staff in military uniform, First World War

Hong Kong building, 1965

Prison camp diary of HSBC staff member Max Haymes, 1943

Hong Kong garment factory, around 1950

Persian banknote, early 20th century

UK cash machine, around 1970

HSBC office, New York, 1999

HSBC lion, London, present day

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The Hongkong and Shanghai Banking Corporation Limited opened in Hong Kong on 3 March 1865 and in Shanghai one month later. It was the first locally owned bank to operate according to Scottish banking principles.

By 1875 HSBC was present in seven countries across Asia, Europe and North America. It financed the export of tea and silk from China, cotton and jute from India, sugar from the Philippines and rice and silk from Vietnam.

By 1900, after strong growth under Chief Manager Thomas Jackson, the bank had expanded into 16 countries and was financing trade across the world. Bullion, exchange and merchant banking were important features of the bank’s business.

In the early 20th century, HSBC widened the scope of its activities in Asia. It issued loans to national governments to finance modernisation and infrastructure projects such as railway building.

The First World War brought disruption and dislocation to many businesses. By the 1920s, however, Asia was beginning to prosper again as new industries developed and trade in commodities such as rubber and tin soared.

The 1930s brought recession and turmoil to many markets. Nonetheless, HSBC asked architects Palmer and Turner to design a new head office in Hong Kong: “Please build us the best bank in the world.” The cutting-edge art deco building opened in 1935.

The bank faced one of its most challenging times during the Second World War. Staff in Asia showed huge courage in the face of adversity. Many became prisoners of war. Only the London, Indian and US branches remained in full operation.

At the end of the war, HSBC took on a key role in the reconstruction of the Hong Kong economy. Its support helped established manufacturers as well as newcomers to Hong Kong grow their business.

By the 1970s the bank had expanded through acquisition. HSBC bought Mercantile Bank and The British Bank of the Middle East in 1959. In 1972 it formed a merchant banking arm, extending its range of services.

In the 1980s HSBC bought Marine Midland Bank in the US. In 1992, the newly created HSBC Holdings plc made a recommended offer for full ownership of the UK’s Midland Bank. Following the acquisition, HSBC moved its headquarters to London.

In 1998, the bank announced it would adopt a unified brand, using HSBC and the hexagon symbol everywhere it operated.

Our purpose – Opening up a world of opportunity – explains why we exist. We’re here to use our unique expertise, capabilities, breadth and perspectives, opening up a world of opportunity for our customers.

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