-Caveat Lector- Taking a gander at some recent news shows a trend of suspect assets moving to outside jurisdictions, especially Britain.
Om K ----- NATION HSBC spends billions to buy loan company CHICAGO - HSBC Holdings PLC announced a $14.2 billion deal Thursday to buy Household International Inc., which owns the Beneficial and Household Finance brands and is the largest independent consumer finance company in the United States. London-based HSBC, known best for banking in emerging markets in Asia, would greatly expand its North American presence and its consumer lending business with the acquisition. === http://www.hsbc.com.bn/bn/aboutus/history.htm The HSBC Group has an international pedigree which is unique. Many of its principal companies opened for business over a century ago and they have a history rich in variety and achievement. Foundation and Growth The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 in Hong Kong and Shanghai to finance the growing trade between China and Europe. The inspiration behind the founding of the bank was Thomas Sutherland, a Scot who was then working as the Hong Kong Superintendent of the Peninsular and Oriental Steam Navigation Company. He realised that there was considerable demand for local banking facilities both in Hong Kong and along the China coast and he helped to establish the bank in March 1865. Then, as now, the bank's headquarters were at 1 Queen's Road Central in Hong Kong and a branch was opened one month later in Shanghai. Throughout the late nineteenth and the early twentieth centuries, the bank established a network of agencies and branches based mainly in China and South East Asia but also with representation in the Indian sub-continent, Japan, Europe and North America. In many of its branches the bank was the pioneer of modern banking practices. From the outset, trade finance was a strong feature of the bank's business with bullion, exchange and merchant banking also playing an important part. Additionally, the bank issued notes in many countries throughout the Far East. During the Second World War the bank was forced to close many branches and its head office was temporarily moved to London. However, after the war the bank played a key role in the reconstruction of the Hong Kong economy and began to further diversify the geographical spread of the bank. The Making of the Modern HSBC Group The post-war political and economic changes in the world forced the bank to analyse its strategy for continued growth in the 1950s. The bank diversified both its business and its geographical spread through acquisitions and alliances. However, it remained committed to its historical markets and played an important part in the reconstruction of Hong Kong where its branch network continued to expand. In 1959 the bank completed two important purchases, those of The British Bank of the Middle East (now HSBC Bank Middle East) and the Mercantile Bank. The British Bank of the Middle East had begun life as the Imperial Bank of Persia in 1889 but throughout the 1940s and 1950s had extended its sphere of operations and pioneered banking in the Gulf states. The history of Mercantile Bank stretched back to 1853 - the year it was founded in Bombay (now Mumbai) - and by the 1950s it had a strong identity within Indian and other Asian markets. In 1965 the bank purchased a controlling interest in Hang Seng Bank, which had been established in Hong Kong in 1933. By the 1970s the policy of expansion by acquisition of subsidiaries with their own identities and specialisations was firmly in place. During the 1980s the bank concentrated on moving into those markets where it was not yet fully represented. Hongkong Bank of Canada (now HSBC Bank Canada) was established in 1981 and HongkongBank of Australia (now HSBC Bank Australia Limited) in 1986. In 1987 Marine Midland Bank (now HSBC Bank USA), based in New York State, became a wholly owned member of the Group and its principal subsidiary in the United States. HSBC Holdings plc, the parent company of the HSBC Group, was established in 1991 with its shares quoted on both the London and Hong Kong stock exchanges. The acquisition in July 1992 of Midland Bank in the United Kingdom created one of the largest banking and financial services organisations in the world. Midland was founded in 1836 in Birmingham and had grown in the nineteenth and twentieth centuries through a series of mergers and amalgamations. In 1974 Midland acquired the London merchant bank of Samuel Montagu, whose own distinguished history stretches back to 1853. Samuel Montagu has been integrated into HSBC Investment Bank, as has James Capel, a leading London-based international securities company, which was acquired by the Group in 1986. The 1990s have seen further expansion and consolidation of the various businesses of the HSBC Group. In the United States, a joint venture, the Wells Fargo HSBC Trade Bank was formed in 1995. Elsewhere in the Americas in 1997, a new subsidiary Banco HSBC Bamerindus was established in Brazil; the acquisition of the Roberts Group (now called HSBC Bank Argentina SA) in Argentina was completed, and a 19.9 per cent interest in Mexico's Grupo Financiero Serfin was purchased. In 1999, HSBC Holdings plc signed a memorandum of understanding with the Government of Korea for the acquisition of a controlling interest in Seoul Bank, one of the largest commercial banks in South Korea. The HSBC Group now comprises a unique range of banks and financial service providers around the globe. Further Reading Chambers, Gillian Hang Seng, The Evergrowing Bank (Hang Seng Bank, 1991) Holmes, A R and Green, Edwin Midland: 150 Years of Banking Business (Batsford, 1986) Jones, Geoffrey The History of The British Bank of the Middle East, 2 volumes (Cambridge University Press, 1986-87) King, Frank H H The History of The Hongkong and Shanghai Banking Corporation, 4 volumes (Cambridge University Press, 1987-91) Muirhead, Stuart Crisis Banking in the East: The History of the Chartered Mercantile Bank of India, London and China, 1853-93 (Scolar Press, 1996) Disclaimer and Internet Privacy Statement === 1921 The de la Rue family leaves the business and the company converts to public ownership. 1925 The Bank of England takes over responsibility for the issue of sterling notes. 1930 Chinese government's first order for banknotes. A vital customer for the next 18 years. === http://www.delarue.com/news/articles/210.asp --- News Article DE LA RUE PLC News Release 29 May 2002 DE LA RUE ACQUIRES NORTH AMERICAN ELECTION SYSTEMS BUSINESS De La Rue, the cash to secure transactions Group, has today announced the acquisition of 85% of the share capital of Sequoia Voting Systems Inc. ("Sequoia") one of the largest providers of voting equipment, software, ballot printing and election services in the USA. De La Rue has acquired the business from Jefferson Smurfit Group plc, the international paper and packaging company who, under the terms of the agreement, will retain 15% of share capital in the business for a minimum of three years. The consideration is US$ 23m, (£15.8m) with a further payment of up to US$12m (£8.3m) dependant on certain performance criteria being met, linked to agreed sales growth. As at 31 December 2001, Sequoia had estimated net shareholders' funds of $4.2m and the transaction will be debt free and earnings neutral in the current year. Sequoia offers hardware products in all major segments of the North American elections market, including direct recording equipment and optical scan systems. The company also supports its hardware with proprietary software systems enabling municipalities to fully computerise their voter registration, ballot creation and election tabulation processes. With over 25,000 touch screen and electronic voting machines in use across the USA, Sequoia is a leading supplier of electronic voting machines in the country. The company also operates a printing business to support customer needs for paper ballots (punch cards and optical scan) and information booklets. Based in Oakland, CA Sequoia currently employs 140 staff with a strong customer base in the West Coast and North East of the USA. De La Rue is acquiring the business as part of its strategy to invest in new business opportunities and also to build on its position as a leading provider of secure, government identity solutions. De La Rue sees the election systems market as having strong potential for growth with Sequoia well positioned to take advantage as the market in the USA moves to increasingly automated voting solutions. In the short term, expectations are high that some US$3-US$5bn of Federal funding for electoral reforms will accelerate the evolution of the market to adopting highly secure automated election systems. In addition, in the medium term De La Rue sees opportunities for future revenues through servicing and upgrading of the installed base of hardware and software and the provision of technical and consultative services. De La Rue also sees potential for international expansion of the business through leveraging De La Rue's strong relationships with the world's governments. Based on the unaudited management accounts for the 12 months ended 31 December 2001 the business had a turnover of US$27.5m (£18.9m) and recorded an operating loss of US$10m (£6.9m). However 2001 was not a typical year due to the market awaiting the outcome of Federal electoral reform funding initiatives. In 2000 the business made a profit of US$6m on sales of US$45m and will also be profitable in the current year based on management projections. During 2001, the business also invested in developing its product range ahead of the anticipated increase in demand and has subsequently won a number of contracts in the current year incorporating its touch screen voting technology. The business will continue to report to current Sequoia President, Peter Cosgrove who will report directly to De La Rue Chief Executive, Ian Much. This is in order to take full advantage of the immediate growth opportunities in the North American market and to explore the opportunities for further longer term growth in services in the USA and international expansion. For financial reporting purposes the business will report within the Global Services division. It will continue to use the Sequoia brand in the USA market where it has an excellent reputation. Commenting on the acquisition, Chief Executive, Ian Much said: "The acquisition of Sequoia Voting Systems adds a new strategic dimension to De La Rue's range of secure transaction solutions and complements our existing core competencies in providing worldwide government identity solutions. Sequoia is a major player in the US election systems industry with an excellent range of voting solutions with considerable knowledge and expertise of the North American market. Coupled with De La Rue's solid financial strength, strong international government relationships and geographical reach, this acquisition allows us to immediately capitalise on this growing market in the USA. Looking to the medium term it will also allow us to expand the business internationally in the future using our combined strengths." -ends- For further information please contact: Paul Hollingworth, Finance Director +44 (0)1256 605307 Mark Fearon, Head of Corporate Affairs +44 (0)1256 605303 Stephen Breslin, Brunswick +44 (0)207 404 5959 29 May 2002 Editors notes 1. 2001 was a non-representative year in the election systems industry following difficulties experienced in processing the November 2000 Presidential election result in Florida. Most counties and states put their election procurement programmes on hold awaiting various voting reform initiatives and state funding to upgrade voting systems to electronic systems which are now being unveiled by the Federal government. Furthermore Sequoia invested in new equipment both in 2001 and the current financial year over and above normal R&D expenditure. 2. De La Rue is the world's largest commercial security printer and papermaker, involved in the production of over 150 national currencies and a wide range of security documents such as travellers cheques and vouchers. Employing over 7,000 people in 31 countries, the company is also a leading provider of cash handling equipment and software solutions to banks and retailers worldwide, helping them to reduce the cost of handling cash. Applying our core brand values of security, integrity and trust, De La Rue is at the centre of some of the most innovative and exciting developments in the secure products and services market. We are pioneering new technologies from tailored solutions to protect the world's brands through to government identity solutions in secure passports and identity cards. 3. An interview with CEO Ian Much can be viewed at the De La Rue [www.delarue.com] and Cantos websites [www.cantos.com] === The "owners" of Sequoia Pacific. Om K ----- http://www.delarue.com/about/ De La Rue is the world 's largest commercial security printer and papermaker, involved in the production of over 150 national currencies and a wide range of security documents such as travellers cheques and vouchers. Employing almost 7,000 people across 31 countries, the company is also a leading provider of cash handling equipment and software solutions to banks and retailers worldwide helping them to reduce the cost of handling cash. We are also pioneering new technologies including tailored solutions to protect the world 's brands through to government identity solutions in secure passports, identity cards and driver 's licences. An Overview of De La Rue (at 30 March 2002) Market Capitalisation £905 million Corporate Headquarters De La Rue House Jays Close Viables Basingstoke RG22 4BS United Kingdom Tel: +44 (0)1256 605000 Fax: +44 (0)1256 605004 Click here for worldwide offices Profit Before tax and exceptionals £90.6* Number of Employees 7,000 Number of Shareholders 10,244 Number of Shares 195,243,610 In business since 1813 * Before goodwill amortisation of £2.8m charged to operating profits Listed on the London Stock Exchange (DLAR) De La Rue has a 20% shareholding in Camelot - the operator of the UK National Lottery ==== http://www.delarue.com/about/corporate/history.asp Key Dates 1813 Thomas de la Rue's first commercial venture, publishing the first edition of Le Miroir Politique newspaper in Guernsey. 1821 Thomas de la Rue sets up as printer, stationer and fancy goods manufacturer in London. 1855 Thomas de la Rue began printing British postage stamps, and obtained the contract for all Indian postal requirements. 1860 Thomas de la Rue printed its first paper money - Mauritius £5, £1 and 10/- notes. 1896 Family partnership converted into private company. 1914 Treasury commissioned Thomas De La Rue to print £1 and 10/- notes at the outbreak of war. 1921 The de la Rue family leaves the business and the company converts to public ownership. 1925 The Bank of England takes over responsibility for the issue of sterling notes. 1930 Chinese government's first order for banknotes. A vital customer for the next 18 years. 1940 De La Rue's Bunhill Row factories in London destroyed in Blitz. 1944 The beginning of De La Rue's conglomerate phase to last until 1977 and to include Formica and Potterton. 1958 Parent company changes name from Thomas De La Rue to the De La Rue Company Limited. 1961 Waterlow & Sons banknote and security printing business acquired. 1963 150th anniversary. 1964 The Gateshead banknote factory opens. 1965 De La Rue Giori formed in Switzerland. 1967 The first ever cash dispenser was installed at Barclays Bank in Enfield, North London, on June 27 1967. De La Rue won the race to unveil the first machine, which drew crowds to the unveiling. barclays bank enfield 1967 1968 The Rank Organisation bids for De La Rue. 1969 Rank bid fails. De La Rue sells playing card business to John Waddington. 1973 Potterton boilers business sold to Birmid Qualcast. 1974 Malta banknote factory set up. De La Rue acquires Crosfield Electronics. 1975 De La Rue Instruments and Crosfield become De La Rue Crosfield, later to become De La Rue Cash Systems. 1977 Formica sold to American Cyanamid. 1980 Royal Mint Services established: a 50/50 venture with the Royal Mint. 1984 Singapore banknote factory opens. 1985 Hong Kong banknote factory opens. 1986 Bradbury Wilkinson acquired. 1987 Fortronic acquired. Amblehurst acquired (later to become De La Rue Holographics). 1989 De La Rue acquires controlling interest in Garny AG. Sale of Crosfield Electronics Norton Opax plc makes a bid for De La Rue. Defeated when they were acquired by Bowater. Jeremy Marshall appointed as Chief Executive. 1990 Robert Maxwell's 21.7% shareholding dispersed among institutional investors. De La Rue House in Basingstoke officially opens. 1991 The De La Rue Company plc becomes De La Rue plc. 1992 Inter Innovation acquired (including LeFebure in USA). 1993 The Earl of Limerick appointed as new Chairman. Camelot Group plc set up with shareholders as follows: De La Rue (22.5%), Cadbury Schweppes (22.5%), GTech (22.5%), Racal (22.5) and ICL (10%). McCorquodale Card Technology in the UK acquired. MB-Clarke acquired. 1994 Camelot is awarded licence to operate UK National Lottery. Nairobi banknote factory opens. 1995 Portals Group plc acquired. Brandt Inc acquired. McCorquodale Security Cards Inc acquired. Applied Systems Institute Inc acquired. Associated Cash Handling in South Africa acquired (now De La Rue Cash Systems South Africa Ltd). De La Rue buys Ensec's banking automation division and Ensec buys back De La Rue's 44.7% shareholding in Ensec. 1996 Hong Kong banknote factory sold to Hong Kong Monetary Authority. 1997 De La Rue acquires Harrison & Sons. De La Rue acquires Philips Cartes et Systèmes in France Brandon Gough takes over as Chairman from Lord Limerick. De La Rue launches major rebranding programme. 1998 Jeremy Marshall retires as chief executive. De La Rue sells Garny, LeFebure and Lerchundi exiting the physical security business. De La Rue acquires Cellograf Simp in Italy. Ian Much appointed as chief executive on 1 September. Haydn Abbott resigns as managing director Cash Systems. De La Rue closes Bensalem manufacturing plant in USA. 1999 De La Rue completes sale of terminals business to Ingenico SA. Launch of joint venture between Bank of Portugal and De La Rue. New finance director, Paul Hollingworth appointed. Sale of Card business to F C Oberthur of France for £200m. 2000 Appointment of Jon Marx as managing director of Security Products. Launch of new Global Services division. Michael Jeffries and Keith Hodgkinson appointed as non-executive directors of the Board following the retirement from the Board of Lord Wright of Richmond GCMG and Brian Birkenhead. Acquisition of Ascom Banking Automation cash handling business by Cash Systems. 2001 Acquisition of US based Currency Systems International Inc. wholesale cash processing business by Cash Systems. Acquisition of ATS Money Systems Inc., the US based provider of cash handling systems and software by Cash Systems. Disposal of 50:50 joint venture company De La Rue Giori, (banknote printing press manufacturer) to German printing press manufacturer Koenig and Bauer. Security Products and Global Services operations merged. Jon Marx, Managing Director of new operation retaining the Global Services divisional name. Dr Philip Nolan appointed as non-executive director of the Board. 2002 Brandon Gough, Chairman, awarded knighthood. Camelot awarded second seven year licence to operate national lottery. Acquisition of Papelaco, Portuguese self service cash handling machine manufacturer by Cash Systems. === http://www.wopc.co.uk/delarue/ De La Rue a brief history De La Rue's first pack of playing cards c.1832 One of De La Rue's earliest packs of playing cards c.1832, printed by letter-press but made to look like woodblock courts. Thomas De La Rue was born in Guernsey in 1793, and at the age of ten he was apprenticed to his brother-in-law, a master printer. In 1818 he moved to London with his family and set up shop as a paper manufacturer. Thomas De La Rue introduced letter-press printing into playing card production and his patent was granted in 1831. He produced his first playing cards in 1832. Standard double ended pack c.1860 Above: A standard double-ended pack manufactured by Thomas De La Rue in c.1860. The 'Old Frizzle' ace of spades refers to De La Rue's patent, granted in 1831. CLICK HERE TO SEE MORE CARDS c.1900 De La Rue's special trade mark Besides manufacturing playing cards, De La Rue became the principal printer of fiscal, inland revenue and postage stamps for the UK and colonies, and over the years the best engravers and miniature designers have worked for De La Rue. In 1922 Charles Goodall & Co. Ltd were absorbed by Thomas De la Rue thus leaving only one competitor: Waddington's. Playing cards had become more popular during World War I and there was now a great demand. However, in 1940 the old De La Rue printing works at Bunhill Row in London were destroyed by air raids. After the war, the printing of De La Rue's playing cards was undertaken by Waddington's in Leeds. In 1963 the two companies joined forces and became The Amalgamated Playing Card Co. on a 50-50 basis, but in 1969 De La Rue sold out to Waddington's, who then became Britain's leading playing card manufacturers. On Monday, 30th November, 1970, the entire De La Rue collection of playing cards was sold at auction by Sotheby's for £12,000 to the Fournier collection, Spain. De La Rue jokers De La Rue Advertising pack for Manchester Evening News Above: Assorted playing cards made by De La Rue. The joker at top right is from a 'Rufford' pack made especially for Boots the Chemist, c.1930-55. American and Belgian court card designs have been influenced by De La Rue, and for example, Lawrence & Cohen also enjoyed the services of Owen Jones, one of De La Rue's in-house graphic designers (see 3rd ace down right-hand side). Thomas De La Rue (1793-1866) Thomas De La Rue (1793-1866) Ace of Spades c.1862 - c.1950 Ace of Spades c.1957 Ace of Spades for Lawrence & Cohen, c.1862 Special Advertising Cards, 1930s Advertising card for Royal Ediswan lamps. Picart le Doux Joker c.1957 joker SITE CONTENTS: Advertising Alf Cooke Argentina Bibliography Collecting Competition Court Cards Design Divination E.P.C.S. 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