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What is the full form of HSBC?

By Anushree Goswami Last updated : April 20, 2024

HSBC is an abbreviation of Hong Kong and Shanghai Banking Corporation. It is a British multinational investment bank and financial services holding corporation which is one of the largest and leading banking and financial services business association groups in the world.

Its worldwide businesses comprise,

• Retail banking and wealth management
• Global banking and markets
• Commercial banking
• Global private banking

Image source: https://commons.wikimedia.org/wiki/File:HSBC_logo_(2018).svg

HSBC works and functions in 71 countries across Europe, Asia, the Middle East, and Africa, Latin America and North America. Its head office is situated in London, United Kingdom. It is listed on the Paris, New York, Bermuda, and Hong Kong stock exchanges.

HSBC Limited, India provides personal and business banking products in India and abroad.

HSBC Services

The personal banking services comprise,

• Savings account,
• fixed deposits,
• SmartMoney accounts,
• demat accounts,
• Debit card etc.

For non-resident persons, it provides,

• Wealth management,
• Online and self-service banking,
• Premier products etc.

The business banking services comprise,

• Credit and lending,
• Exports,
• Investments
• Risk management

It also provides corporate and institutional banking services in India.

HSBC Brief History

• On 3 March 1865, the Hongkong and Shanghai Bank were established by Scotsman Thomas Sutherland in the then-British colony of Hong Kong.
• On 14 August 1866, the Hong Kong and Shanghai Bank was incorporated as the Hong Kong and Shanghai Banking Corporation, according to the rules and regulation of the Legislative Council of Hong Kong.
• By 1875, HSBC was in service in seven countries across Europe, Asia, and North America.
• By 1900, the bank had established its branches in 16 countries around the world and largely offering bullion, exchange and merchant banking services under the supervision of Chief Manager Thomas Jackson.
• In 1910, it offered loans to national governments for infrastructure projects.
• In the 1980s, HSBC bought the US-based Marine Midland Bank.
• In 1992, HSBC founded a new holding business corporation, HSBC Holdings plc, which had bought the Midland bank in July 1992. With this acquirement, the head offices of HSBC were reallocated to London.
• In 1998, HSBC decided to take up a unified brand comprised of the letters HSBC and hexagon symbol.
• On 1 October 2017, Mark Tucker succeeded Douglas Flint as Group Chairman of HSBC, the first non-executive and outside chairman is chosen by the group.