Lai See | Read all about it in the new history of HSBC

was published recently to coincide with the 150th anniversary of HSBC Holdings.

It is an official history, commissioned by HSBC, by historians David Kynaston and Richard Roberts.

Its publication has coincided with what in future updates of the book, will go down as one of the darker periods of HSBC's history.

But it has, albeit unwittingly, provided some context for the Swiss scandal currently swirling around the bank and others such as the money-laundering disaster in Mexico.

In striking contrast to previous histories of the bank, the authors have produced a highly readable, absorbing and relatively unvarnished account of HSBC and its emergence as a global bank.

The descriptions of HSBC's takeover of Marine Midland, the UK's Midland Bank and the earlier failed attempt to take over the Royal Bank of Scotland in 1981, along with talks of a possible merger with JP Morgan are fascinating reading.

John Bond speaks intriguingly of when he was chairman and being invited to take a 25 per cent stake in Lehman Brothers, Long-Term Capital Management, and being offered the possibility of acquiring ABN Amro.