What is the full form of HSBC?
The full form of HSBC is the Hong Kong and Shanghai Banking Corporation. HSBC is a British multinational banking and financial services company that holds a corporate entity that is one of the biggest and leading financial and banking companies associations in the world. The global HSBC sector covers retail banking and fund management, corporate finance and markets, private and commercial finance, and investment banking.
The Bank operates throughout Europe, Asia, the Middle East and Africa, Latin America and North America worldwide in 71 countries and the headquarters of the Bank is in London, UK. HSBC Limited, the company, offers financial products for individuals and companies in India and overseas. In India, it also provides institutional and corporate financial services.
History of HSBC
- Scotsman Thomas Sutherland founded the Hongkong and Shanghai Bank in the then-British colony of Hong Kong on 3 March 1865.
- On 14 August 1866, according to the laws and regulations of the Hong Kong Legislative Council, Hongkong and Shanghai Bank was established as the HSBC.
- By 1875 HSBC had business across European, Asian and North American countries.
- By 1900, under the leadership of Chief Manager Thomas Jackson, the Bank had developed its branches in 16 countries around the world and primarily provided bullion, trading, and merchant banking services.
- In 1910 it provided loans for building projects to the national governments.
- HSBC purchased the US-based Marine Midland Corporation in the 1980s.
- In 1992, HSBC formed a new holding firm, HSBC Holdings plc, which had acquired the Bank from Midland in July 1992. With this move, HSBC’s head offices were redeployed to London.
- In 1998, HSBC chose to take on a unified brand consisting of the letters HSBC and the symbol hexagon.
- Mark Tucker appointed Douglas Flint as Board Chairman of HSBC on 1 October 2017, the company chooses the first non-executive and outside chairman.
List of service provided by the HSBC bank
The personal banking services include
- Savings account
- Debit card
- Fixed deposits
- Demat accounts,
- Smart Money accounts, etc.
It offered for non-residents.
- Wealth management
- Premier products
- Online and self-service banking, etc.
Business banking services include
- Lending and Credit
- Risk management
- Exports, etc.