Hsbc Essay

1923 WordsNov 22, 20118 Pages
HSBC – WORLDS LOCAL BANK INTRODUCTION Hong Kong and Shanghai Banking Corporation. HSBC is the largest banking corporation in the world today.it has been ranked second largest company in the world by FORBES Global 2000 as well. It is headquartered at HSBC tower canary wharf London. HSBC has more than 110 million customers worldwide through an international network of 7500 offices in around 87 countries, which is almost more than half of the world in territories of Europe, Hong Kong, and the Asia-pacific region, the Americas, the Middle East and Africa. It provides banking services through Personal Financial Services including consumer finance, Commercial Banking, Global Banking and Markets, and Global Private Banking. If we talk about the figures, the banks total market capital as of march 2011 is US $ 186.47 Billion. The banks profit before taxation is US $ 11,474 million. There are around 17,818 million share holders of the company (US$0.50 ordinary shares in issue). HISTORY HSBC was founded by its founding member the hongkong and shanghai Banking Corporation in the year 1865. It was established by Thomas Sutherland a scot who was then working for the Peninsular and Oriental Steam Navigation Company. The reason behind the formation of bank was to finance the growing trade between Europe, India and China. After realizing the local demand for the banking amenities in Hong Kong and along the coast of china the first branch was opened at Hong Kong in the month of march in the year of 1865 and then one month later in shanghai. After its foundation the bank soon started expanding its operations in china and rest of the Asia-pacific region. However with time it has reached its operations as far as North America and Europe as well. Within a very short period of 20 years it became pioneer in modern banking service provider. In the year 1888 the

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