About

HSBC Holdings plc was first formally incorporated in 1866. It is a multinational financial services and holding organization. In 2018, it was the largest bank in Europe and seventh largest bank in the world. Its origin go back to a hong in the British hong Kong. However, the bank was established in its present form in London by the Hongkong and Shanghai Banking Corporation. It acted as a new holding company of the group in 1991.

Listing and Revenue
Revenue $56.1 bn
Operating Income $13.3 bn
Net Income $8.71 bn
Total Assets $2.71 bn

Products and Services

HSBC offers a host of banking, financial advisory, and asset management services for individuals and businesses. Some of the worth noting services include business insurance, debit card, money manager, current account, mortgage account, community account, and credit management among others.

History

The Hongkong and Shanghai Bank was founded on 3 March 1865 by Scotsman Thomas Sutherland in the then-British colony of British Hong Kong , and in Shanghai a month later. The bank was incorporated on 14 August 1866 the ordinance of the Legislative Council of Hong Kong.

HSBC bought controlling stake of 51% in the US-based Marine Midland Bank in 1980 and later, went on buy the full stake in 1987. It became the regulated bank on 6 October 1989 with the Banking Commissioner of the Government of Hong Kong.

Acquisition

HSBC acquired Mexico's third largest retail bank Grupo Financiero Bital, SA de CV, for $1.1 billion in August 2002. In the same year in November, it acquired US-based Household Finance Corporation (HFC) for US$15.5 billion to have stronger presence in the USA. After the acquisition, the division became the second largest subprime lender in the US.

In April 2013, HSBC Holdings opened its new headquarters at 8 Canada Square. It spent $7.8 million to buy Polski Kredyt Bank SA of Poland in the fall of 2003. In May 2008, the bank bought an Indian retail broking firm IL&FS.

Awards and Recognition

In 2015, HSBC was awarded as the most trusted foreign bank in India. The award was given by The Brand Trust Report 2015.