Abstract
The transformation of the Hongkong & Shanghai Banking Corporation from a colonial bank with a limited future after World War II into a major global financial group did not take place in a competitive banking environment. The laisser-faire colonial administration was extremely reluctant to regulate the banking sector but also believed unrestricted competition undermined financial stability. This paper examines the history of banking regulation from 1930 until the start of this century and demonstrates the links between chronic banking crises and inadequate government policies. It presents unpublished banking data to illustrate how the Hongkong Bank profited from this situation and concludes with an account of the way the bank adapted its culture and its business model to Hong Kong's changing economic and political circumstances.
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