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By Lawrence White
HONG KONG, March 3 (Reuters) - HSBC Holdings Plc toned down celebrations for its 150th anniversary on Tuesday,centering events on Hong Kong where it was founded, after beingrocked by allegations its Swiss unit helped clients dodge taxes.
Celebrations include a light show beneath its NormanFoster-designed Hong Kong headquarters, two giant grain of ricesculptures and the issuing of a commemorative HK$150 note. Butit has not advertised the events in mainstream financial orlocal media in its two "home" markets of Hong Kong and Britain.
Senior executives at HSBC discussed scrapping theplans, after CEO Stuart Gulliver said last month the tax scandalhad brought shame on the bank, bank insiders told Reuters. Butthey decided to go ahead given money had been spent and clientsinvited.
The bank is downplaying publicity especially in Britain,where opprobrium was highest over the Swiss scandal, one of theinsiders said.
A 40-foot-high grain of rice sculpture was unveiled by ChiefExecutive Stuart Gulliver outside the Hong Kong office, whileChairman Douglas Flint presented a matching one inside theLondon headquarters.
The grain of rice acknowledges the bank's roots as a tradefinance bank founded in Asia. The HK$150 note marks HSBC'sposition as one of four banks that print the territory'scurrency.
A 784-page history of the bank entitled "The Lion Wakes"will be published on Thursday.
HSBC opened for business in March 1865 in Hong Kong, stillits most profitable market. The bank, whose name derives fromthe Hongkong and Shanghai Banking Corporation, moved its HQ toLondon in 1992 following its takeover of Britain's Midland Bank.Since then it has grown to become Europe's largest bank, withassets of $2.6 trillion at the end of 2014.
Gulliver and Flint last week rejected calls from UKlawmakers for them to quit over the Swiss problems, saying theywere having to clean up after a "terrible list" of control andcompliance failings..
HSBC has admitted failings in its Swiss private bank aftermedia reports said it helped wealthy customers conceal millionsof dollars of assets. Gulliver and other executives are expectedto be called before a panel of UK lawmakers next week to discussthe issue.
Gulliver has attempted to streamline HSBC since becoming CEOin 2011. He is axing $3.5 billion in costs, closing or sellingunderperforming units and focusing, according to its annualreport, on becoming "the world's most respected internationalbank". (Additional reporting by Steve Slater in London; Editing byDavid Holmes)
