In 1991, The Hong Kong and Shanghai Banking Corporation, based in London, established a new group holding company. They called this new foundation: HSBC Holdings plc. Today, this multinational banking and financial services company with total assets of US$ 2.67 trillion, is ranked number 4 in the “world’s largest banks by total assets”. This Bank’s first branch was made in 1865, in Hong Kong, Shanghai. This is where HSBC initials come from: Hongkong and Shanghai Banking Corporation.
Hongkong and Shanghai Banking Corporation has about 6,000 offices divided into 71 countries. These countries are located in North America, Asia, Oceania, Africa, Europe, and South America. Furthermore, HSBC has over 60 million costumers which made it 2014’s world’s sixth largest public company.
HSBC’s services are divided into 9 categories:
First, Consumer banking. HSBC gives its services by a bank to individual costumers rather than companies and groups.
Second, Corporate banking. A commercial bank that has to do with loans and deposits.
Third service, Investment banking. It helps people and governments raise their financial Capital.
In addition, Mortgage Loans services. They provide people with money to buy property by making some legal securities that allow them to put hands on one of your already owned properties.
Furthermore, the Private Banking services. Assistance given to people with a high net worth.
Next, we have the Wealth Management services. They help you and advise you on how to manage your wealth, taxes, and all the other legal papers.
Moreover, HSBC offers the Credit Cards services. HSBC gives you a card that allows you to pay for goods by promising that you will pay them back.
Finally, Finance and Insurance services. An economic service given by the finance industry which covers a big number of businesses that manage money.
Recently, HSBC has been known for being famous for the wrong reasons, such as, laundering money for Mexican cartels.