HSBC in its full form is known as Hongkong and Shanghai Banking Corporation. It is one of the largest banking and financial services organizations in the world, with operations in 66 countries and territories covering Europe, Asia, North and Latin America, and the Middle East and North Africa.
HSBC Full Form | What is the full form of HSBC
HSBC serves more than 39 million customers with 235000 employees worldwide.
Mark E. Tucker is the present Chairman of HSBC Group.
This article explains the full form of HSBC and its history, mission, businesses and future plans.
- HSBC was established in March 1865 as a local bank to serve international needs in Hong Kong. The bank was founded by Thomas Sutherland.
- The term ‘HSBC’ has been derived from the name of its founder member Hongkong and Shanghai Banking Corporation Limited incorporated to finance the increasing trade between Europe, India and China. .
- In 1874, the bank managed China’s first public loan.
- In 1988 it became the first bank to set up in Thailand, where it printed the first banknotes of the country.
- The bank underwent through the strategy of diversification by acquiring the Mercantile Bank and the British Bank of the Middle East in 1959.
- In the 1980s, the bank purchased Marine Midland Bank in the USA.
- HSBC took the full ownership of Midland Bank in the UK in 1992 resulting in the formation of its headquarter in London.
- In November 1998, HSBC announced the adoption of a unified brand, using HSBC and the red and white hexagon symbol. It was developed from the bank’s original house flag which was in turn based on the cross of St Andrew.
HSBC works to enhance the prosperity of the economy and businesses by helping people fulfill their hopes and realize their ambitions.
It strives to be a dependable financial institution by being resilient and trustworthy to its customers, by building connections and caring about the progress of individuals.
HSBC Commercial Banking operates in 53 countries and territories, with a wide range of products and services in four fields:
- Global Trade and Receivables Finance provide services and financing for working capital, vendors throughout the trade cycle and manage trade risk.
- Global Liquidity and Cash Management gives businesses greater control over their cash and collections and eases the management of their liquidity efficiently.
- Global Banking provides commercial clients with access to a wide range of capital financing, including, equity, debt, and advisory services.
- Insurance and Investments services include trade insurance, corporate wealth management, business and financial protection, employee benefits, and other commercial risk insurance products.
Global Banking and Markets:
It provides financial services and products to corporate, governments and institutions offering a range of products and services that include:
- Prime Services
- Research and analysis
- Securities services
- Trading and sales
- Transaction banking
Global Private Banking:
It provides tailored private banking, investment and wealth management services to business owners, entrepreneurs, senior executives and their families.
Retail Banking and Wealth Management:
Under this head, HSBC offers a range of products and services include:
- Wealth Solutions and Financial Planning helps to manage protect and grow the wealth of customers by offering investment and wealth insurance products from HSBC and selected third parties.
- Personal Banking offers a wide range of account to customers based on their needs.
- International Services offers services which can be availed by customers from anywhere around the world by serving through four main channels: branches, self-service terminals, telephone service centers and digital (internet and mobile banking).
- HSBC Premier and HSBC Advance are the services designed to serve their customers with customized financial solutions for day to day activities.
The bank aims to:
- Support immensely the transition to a low carbon economy and the China-led Belt and Road Initiative.
- Improve capital efficiency and customer service.
- Increase its market share in the international network.