Gartner Research

HSBC and Merrill Lynch Commit $1 Billion to Create Global Internet Bank

Published: 25 April 2000

ID: G0088019

Analyst(s): Lane Leskela

Summary

London-based Hong Kong & Shanghai Banking Corporation (HSBC) Holdings and New York-headquartered Merrill Lynch Asset Management (MLAM) have announced a US$1 billion joint venture investment over the next five years to create what is intended as the first entirely global Internet banking and investment service. By the end of 2000, this new venture -- identified as Merrill Lynch HSBC -- will manage an international online banking, brokerage and mutual fund company operating in major capital markets around the world except the United States. Merrill Lynch HSBC plans a formal e-banking service launch at its international headquarters in London in late 2000, to be followed by Australia, Canada, Germany, Hong Kong and Japan.

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