Marine Midland back in black
Tuesday 02 February 1993
This compares with a loss of dollars 189.9m in 1991 when the bank suffered property problems.
HSBC is the London holding company of Midland Bank - which has no direct connection with Marine Midland - and Hongkong & Shanghai Banking Corporation.
The poor performance by Marine Midland over the past few years was one of the arguments used by opponents of HSBC's bid for Midland Bank last year, who cited the US performance as evidence of HSBC's record.
But the return to profit follows a move to direct management control of Marine Midland by HSBC, which previously had an arm's- length relationship with the bank because of US banking rules.
James Cleave, president of Marine Midland, said 1992 was a benchmark year: 'We are now positioned to take advantage of additional opportunities and accelerate Marine's transformation to a pre-eminent regional bank.'
In the fourth quarter, Marine Midland made dollars 35.7m net profit compared with a loss of dollars 23.8m a year earlier.
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 NHS staff banned from drinking tea or coffee on the job because it looks like they're not working hard enough
Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nathan Cirillo: Final pictures emerge of soldier moments before he was shot dead by Ottowa gunman
Ottawa shootings: Terror strikes Canadian capital as attacks leave one soldier and one suspect dead
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Residents should throw a street party and mix with immigrant neighbours, councils told
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Russell Brand threatened with arrest after filming outside Fox News headquarters
iJobs Money & Business
£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...
120-150k: Accountancy Action: We are looking for an experienced CFO from a min...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...