What is the full form of HSBC
HSBC: Hong Kong and Shanghai Banking Corporation
HSBC stands for Hong Kong and Shanghai Banking Corporation. It is one of the largest banking and financial services organization in the world. Its global businesses include retail banking and wealth management, global banking and markets, commercial banking, and global private banking.
HSBC operates in 71 countries across Europe, Asia, the Middle East and Africa, Latin America and North America. Its headquarters is in London, United Kingdom. It is listed on the Paris, New York, Bermuda and Hong Kong stock exchanges.
The HSBC Limited, India offers personal and business banking products in India and abroad. The personal banking services include savings account, fixed deposits, SmartMoney accounts, demat accounts, debit card etc. For non-resident individuals, it offers wealth management, online and self-service banking, premier products etc. The business banking services include credit and lending, exports, investments and risk management. It also offers corporate and institutional banking services in India.
Brief History
- It was the Thomas Sutherland who felt the need to open a bank to fulfill the demand of local banking facilities in the Hong Kong. So, he helped to establish the Hong Kong and Shanghai Bank on 3 March 1865, in the Hong Kong.
- In 1866, the Hong Kong and Shanghai Bank was incorporated as the Hong Kong and Shanghai Banking Corporation.
- By 1875, HSBC was operating in seven countries across Europe, Asia and North America.
- By 1900, under the guidance of Chief Manager Thomas Jackson, the bank had established its branches in 16 countries around the world and mainly providing bullion, exchange and merchant banking services.
- In 1910, it provided loans to national governments for the infrastructure projects.
- By 1941, the Second World War badly affected the growth and operations of the bank. During this period, only the London, US and Indian branches were operational.
- In 1950, after the war ended, HSBC helped reconstruction of the Hong Kong economy by helping the manufactures to grow their business.
- In 1972, it established a merchant banking arm to widen the range of its services.
- In the 1980s, HSBC acquired the US based Marine Midland Bank.
- In 1992, HSBC established a new holding company, HSBC Holdings plc, which acquired the Midland bank in July 1992. With this acquisition, the headquarters of HSBC was shifted to London.
- In 1998, HSBC decided to adopt a unified brand comprised of the letters HSBC and hexagon symbol.
- In the 21st century, HSBC decided to grow its business in China through strategic partnerships.