The full form of HSBC is Hong Kong and Shanghai Banking Corporation. It works in 71 nations across Europe, Asia, the Middle East and Africa, Latin America, and North America. Its base camp is in London, United Kingdom. It is recorded on the Paris, New York, Bermuda and Hong Kong stock trades.
hsbc stands for
HSBC stands for Hong Kong and Shanghai Banking Corporation. It is one of the biggest banking and budgetary administrations association on the planet. Its worldwide organizations incorporate retail banking and riches the executives, worldwide banking and markets, business banking, and worldwide private banking.
The HSBC Limited, India offers individual and business banking items in India and abroad. The individual financial administrations incorporate investment account, fixed stores, SmartMoney accounts, demat accounts, check card and so on. For non-inhabitant people, it offers riches the executives, on the web and self-administration banking, chief items and so on. The business banking administrations incorporate credit and loaning, fares, ventures and danger the board. It likewise offers corporate and institutional financial administrations in India.
- 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.