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Hsbc Essay

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HSBC is an acronym for Hongkong (H) and Shanghai (S) Banking (B) Corporation (C) and founded in 1865 to finance trade between Europe and Asia. HSBC Plc., formerly known as HSBC Limited, is a British-based multinational banking and financial services firm with headquarter in London. In its present form, HSBC Plc. act as a new group holding company. HSBC unlocked its doors for business in Hong Kong in March 1865 and currently, it embraces clients all over the world. HSBC (2012) report revealed that the company has a network of around 7,200 offices in 85 countries and territories in Europe, Asia-Pacific region, America, Middle-East and Africa. The insight behind the establishment of the bank was Thomas Sutherland, a Scot who was then working …show more content…

In 2009, the bank announced that it would write no additional consumer finance business through the HFC or Beneficial brands and would run-off the current business (HSBC, 2012). In the start of 2010, the bank announced that its Group Chief Executive officers would relocate to Hong Kong. In 2012, it was named the world’s most valuable banking brand. As at 31 December 2012, the bank total assets stood at US$2,500 billion (HSBC, 2012). A recap of 2016 revealed that the bank occupies a prominent position in the world of banking/finance with international networks that extends six continents. Presently, HSBC provides a range of banking services such as commercial banking, global banking and markets, global private banking, retail banking and wealth management. B. Powerful Global Banking Commercial Franchise As part of the mission and vision statements of HSBC which is to become a prominent and powerful leader in global banking, they extend their banking services to global wholesale and investment banking. HSBC want to become a major force in global wholesale and investment banking as well. The most discernible proof of this was the bank’s considerable investment in its striking head office building in Hong Kong SAR which was officially opened in 1986. HSBC want to become a major force in global wholesale and investment banking for the following reasons: • To provide access to capital markets and securities

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