What Is The Full Form Of HSBC?

By | December 17, 2021

What Is The Full Form Of HSBC?

Full Form Of HSBC Is a Hong Kong and Shanghai Banking Corporation

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Full Form Of HSBC

Some Details About HSBC

HSBC stands for Hong Kong and Shanghai Banking Corporation. it’s one amongst the biggest banking and financial services organizations within the world. Its global businesses include retail banking and wealth management, global banking and markets, commercial banking, and global private banking.

HSBC operates in 71 countries across Europe, Asia, the center East, and Africa, Latin America, and North America. Its headquarters are in London, Uk. it’s listed on the Paris, New York, Bermuda, and port stock exchanges.

HSBC Limited, India offers personal and business banking products in India and abroad. Thee private banking services include bank account, fixed deposits, Smartphone accounts, Demat accounts, debit cards, etc. For non-resident individuals, it offers wealth management, online and self-service banking, premier products, etc. Business banking services include credit and lending, exports, investments, and risk management. It also offers corporate and institutional banking services in India

History

  • It was Thomas Sutherland who felt the need to open a bank to fulfill the demand for local banking facilities in Hong Kong. So, he helped to establish the Hong Kong and Shanghai Bank on 3 March 1865, in Hong Kong.
  • In 1866, the Hong Kong and Shanghai Bank was incorporated as the Hong Kong and Shanghai Banking Corporation.
  • By 1875, HSBC was operating in seven countries across Europe, Asia, and North America.
  • By 1900, under the guidance of Chief Manager Thomas Jackson, the bank had established its branches in 16 countries around the world and mainly providing bullion, exchange, and merchant banking services.
  • In 1910, it provided loans to national governments for infrastructure projects.
  • By 1941, the Second World War badly affected the growth and operations of the bank. During this period, only the London, US, and Indian branches were operational.
  • In 1950, after the war ended, HSBC helped the reconstruction of the Hong Kong economy by helping the manufactures to grow their business.

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