Description
HSBC Holdings plc is a British multinational investment bank and financial services holding company. It was the 6th largest bank in the world by 2020, and the largest in Europe, with total assets of US$2.715 trillion (as of August 2020). HSBC traces its origin to a hong in British Hong Kong and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991; its name derives from that company's initials. The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866.
HSBC has around 3,900 offices in 65 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, and around 38 million customers. As of 2014, it was the world's sixth-largest public company, according to a composite measure by Forbes magazine.
HSBC is organised within four business groups: Commercial Banking, Global Banking and Markets (investment banking), Retail Banking and Wealth Management, and Global Private Banking. In 2020, the bank announced that it would consolidate its Retail Banking & Wealth Management arm with Global Private Banking, to form Wealth & Personal Banking.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 30 October 2020, it had a market capitalisation of £66.1 billion, the third-largest company listed on the London Stock Exchange. It has secondary listings on the New York Stock Exchange, Euronext Paris, and the Bermuda Stock Exchange.
