Europe’s largest banking group, HSBC was established in Hong Kong to facilitate trade between Europe and Asia during the 19th century. HSBC is an acronym that corresponds to the bank’s original name, “Hongkong and Shanghai Banking Corporation”. The company was founded by Scotland native Thomas Sutherland who was working for a shipping firm in Hong Kong in 1864.
During the second half of the 20th century, HSBC expanded its network globally, gaining a foothold in the US with the purchase of Marine Midland bank in 1980. Another major expansion step for the bank was its acquisition of the UK’s Midland Bank in 1992.
HSBC serves more than 40 million customers through its personal, wealth and corporate segments in 64 countries and territories.