What is the HSBC full form?
The HSBC full form is the 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 has operations 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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The Origins of HSBC
- Thomas Sutherland, a Scotsman, founded the Hongkong and Shanghai Bank on March 3, 1865, in the then-British territory of Hong Kong.
- Hongkong and Shanghai Bank became the HSBC on August 14, 1866, in accordance with the rules and statutes of the Hong Kong Legislative Council.
- By 1875, HSBC had operations in several nations spanning Europe, Asia, and North America.
- Under the direction of Chief Manager Thomas Jackson, the Bank had established branches in 16 different nations by 1900 and principally offered services in the areas of bullion, commerce, and merchant banking.
- 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 made the decision to use a single brand that included the letters HSBC and the symbol hexagon.
- On October 1, 2017, Mark Tucker selected Douglas Flint to serve as the first non-executive and external chairman of the HSBC Board of Directors.
A list of the services that the HSBC bank offers
The personal banking services include
- 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.
