Through the years since 2004, HSBC has gone through a lot of changes. Mainly on strategic acquisitions. In 2004, the Bank of Bermuda joined the Group and minority stakes were acquired in India's UTI Bank and China's Bank of Communications Ltd. In the UK, HSBC bought the retail financial services arm of the Marks and Spencer Group. The HSBC brand was adopted by its Mexican subsidiary, G F Bital, early in the year and in September the majority of the bank's North American businesses, including Household International, were united under the name HSBC North America. .
In 2005 on the other hand, HSBC marked its 140th year in China by increasing its stake in the country. The Group opened new branches and began selling insurance through Ping an Insurance, China's second largest life insurer. In the Middle East, HSBC reopened its branch in Kuwait, while in the US, the integration of Household International with the Group's North American operations was completed under the name ˜HSBC Finance Corporation'. .
An agreement to acquire the majority of Lloyds TSB's branch assets in Paraguay, and followed by the acquisition of a stake in Financier Independencies, one of Mexico's leading companies in the sub-prime consumer loans market. HSBC also purchased Grupo Banistmo, a banking group based in Panama. For the first time in history, this gave bank access to the markets of Colombia, Costa Rica, El Salvador, Honduras and Nicaragua. HSBC has continued to focus on the development of its personal financial services business in Asia especially in China. Customers also benefited with the launch of the International Business Centers which facilitate SMEs around the world. Climate change and environmental issues remained important to HSBC also. Strategic acquisitions through the years increased market share and customer numbers especially in the Americas. This year, HSBC has as the new Group Chairman.