HSBC

HSBC is a British bank headquartered in London. The Hongkong and Shanghai Banking Corporation was founded in 1865 to finance trade between Europe and China. It created the HSBC Holdings group in 1991 and moved its base to London.

The bank operates in dozens of countries, with Hong Kong and the United Kingdom as its largest markets. Its businesses include retail banking, wealth management, commercial banking and global banking and markets. In the UK it owns First Direct and Marks and Spencer Bank. Hong Kong operations include Hang Seng Bank.

HSBC reached a settlement with US authorities in 2012 over weaknesses in its money laundering controls. In later years it reshaped itself, selling its retail business in France and in Canada and refocusing on Asia and wealth clients. Georges Elhedery became chief executive in 2024. The bank is listed in London, Hong Kong and elsewhere. The name is made from the initials of the original Hong Kong and Shanghai bank. The bank serves tens of millions of customers around the world. HSBC has long sponsored sporting events and has faced criticism over climate-related lending.