Wednesday, June 10, 2015

HSBC issued HK$150 note for their 150th Anniversary

On June 9, The Hongkong and Shanghai Banking Corporation Limited (HSBC) issued a HK$150 note to mark their 150th Anniversary. Thousands of people queued in the Hong Kong city centre through the morning and into early afternoon as they waited to snap up the new HK$150 commemorative banknote.

HK$150 note

The note design illustrates the territory's journey over the past 150 years and the spirit of ambition that has made Hong Kong such a special place. The Hongkong and Shanghai Banking Corporation Limited was established and based in Hong Kong since 1865, when Hong Kong was a colony of the British Empire.

Imagery reflecting HSBC 150 years in Hong Kong was combined with specially created patterns and translated into designs that make every banknote a unique work of art.

In one pickup location a large pedestrian flyover connecting major office buildings was thronged, blocking irate morning commuters.

Those queueing had won a lottery organised by the bank allocating them one, three or 35 notes.

Each note cost HK$380 and depicted historic scenes of Hong Kong as well as the bank's city offices.

Many sheltered under umbrellas as the sun beat down, saying they wanted the notes either as a collector's item, or an investment.

"Everybody thinks that there is room for it to go up in price," Esther Chan, a 30-year-old housewife, told AFP as she lined up in the central district of Wan Chai.

"I want one as a memento," she said.

Margie Cosgrove, a 52-year-old housewife, hoped the value would rise.

"It's worth it for the future... its purely for investment. Everyone comes out to make money in Hong Kong," she said.

Around 60 traders were waiting nearby to buy the notes - one offered HK$650 for a single one.

But office workers were left unamused.

"I was late by at least 20 minutes this morning, it's annoying," said one woman from a nearby building.

Scandal-hit bank HSBC announced Tuesday a loss of 50,000 staff as part of a global restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

In a statement to the Hong Kong stock exchange it said it intends to save US$5 billion in annual costs within two years.

Source: AFP.