HSBC Holdings plc
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HSBC Holdings plc is a British multinational investment bank and financial services holding company. It is the largest bank in Europe, with total assets of US$2.984 trillion (as of December 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;[7][8] its name derives from that company’s initials.[9] The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865[1] and was first formally incorporated in 1866.[10]
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.[11] As of 2014, it was the world’s sixth-largest public company, according to a composite measure by Forbes magazine.[12] It is considered a systemically important bank by the Financial Stability Board.
HSBC is organised within four business groups: Commercial Banking, Global Banking and Markets (investment banking), Retail Banking and Wealth Management, and Global Private Banking.[13][14] In 2020, the bank announced that it would consolidate its Retail Banking & Wealth Management arm with Global Private Banking, to form Wealth & Personal Banking.[15]
HSBC has a dual[16] 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.[17] It has secondary listings on the New York Stock Exchange, and the Bermuda Stock Exchange.
HSBC’s history has been plagued by a succession of scandals and the bank has been repeatedly fined for money laundering (sometimes in relation with organized crime or terrorist organizations like Al Qaeda)[18] or setting up large scale tax avoidance schemes. In 2019 HSBC had 8.5 trillion in assets under custody (AUC)[19] and in 2020 it had over $4 trillion in assets under administration (AUA).[20]
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