The initials HSBC in HSBC Bank stand for The Hong Kong and Shanghai Banking Corporation Limited, which first opened its doors for operation in 1865. The founding institution existed as a means to facilitate commerce among European and Asian nations, specifically India and China. The bank established a presence in Asia and eventually spread throughout Europe, ultimately becoming a British banking company with headquarters in England.Continue Reading
HSBC Bank operates throughout the world, including in Africa, the Americas and legions of other nations and territories. Its branches include over 6,000 locations and the bank earns the title of largest bank in the world based on Forbes ranking. Its services include personal and corporate banking, cash and wealth management, trading and more. This bank even prints and allocates currency in Hong Kong, China.
Despite originating as a bank serving the Asian nations, HSBC Bank lends its foundation to a Scottish man named Thomas Sutherland. Sutherland, upon travel to Asia, saw a need for managing and facilitating financial transactions within and among the European and Asian nations. The HSBC, upon establishment, receives credit for paying out the first public loan in China and managing many of its loans from that point on. It also circulated the first currency notes in Thailand. Over time, HSBC Bank gained and lost power, ultimately undergoing management changes, mergers and acquisitions to ride out economic downturns and expand internationally.Learn more about Corporations