HSBC Holdings plc is a British[6] multinational banking and financial services holding company. It is the 7th largest bank in the world, and the largest in Europe, with total assets of US$2.558 trillion (as of December 2018). HSBC traces its origin to a hong in Hong Kong, and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991.[7][8] The origins of the bank lie mainly in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865.[1] The HSBC name is derived from the initials of the Hongkong and Shanghai Banking Corporation.[9] The company was first formally incorporated in 1866. The company continues to see both the United Kingdom and Hong Kong as its "home markets".[10]
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