The full form of HSBC is Hong Kong and Shanghai Banking Corporation. One of the largest and most well-known financial and banking companies affiliations in the world is held by the British multinational banking and financial services company HSBC. Retail banking and fund management, corporate finance and markets, private and commercial finance, and investment banking are all included in the global HSBC industry.
The Bank operates in 71 nations worldwide, including Europe, Asia, the Middle East, Africa, Latin America, and North America. Its headquarters are in London, United Kingdom. The corporation, HSBC Limited, provides financial solutions for people and businesses in India and beyond. Additionally, it offers institutional and corporate financial services in India.
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Background
On March 3rd, 1865, in the then-British territory of Hong Kong, Thomas Sutherland of Scotland established the Hongkong and Shanghai Bank.
Hongkong and Shanghai Bank became HSBC on August 14th, 1866, following the rules and statutes of the Hong Kong Legislative Council.
By 1875, HSBC had operations in several nations spanning Europe, Asia, and North America.
Following the directive of Chief Manager Thomas Jackson, the Bank had established branches in 16 different nations by 1900 and principally offered bullion, commerce, and merchant banking services.
It gave national governments credit for construction projects in 1910.
In the 1980s, HSBC acquired the US-based Marine Midland Corporation.
In July 1992, HSBC purchased the Bank from Midland and established a new holding company, HSBC Holdings plc 1992. The headquarters of HSBC were relocated to London as a result of this change.
In 1998, HSBC decided to use a single brand with the letters HSBC and the hexagon symbol.
On October 1st, 2017, Mark Tucker selected Douglas Flint as the first non-executive and external chairman of the HSBC Board of Directors.
A list of the services that HSBC bank offers
- The individual banking services comprise:
- Savings account
- Debit card
- Fixed deposits
- Demat accounts
- Smart Money accounts, etc.
- It is offered for non-residents:
- Wealth management
- Premier products
- Online and self-service banking, etc.
- Business banking services include:
- Lending and Credit
- Investments
- Risk management
- Exports, etc.