Key Stats
Founded: March 3, 1865 (Hong Kong)
Headquarters: London, United Kingdom
2024 Revenue: $65.9 billion
Employees: 211,304 (2024)
Market Cap: $292 billion (January 2026)
HSBC Holdings plc is the largest bank in Europe by total assets and one of the world’s leading financial services organizations. The bank operates in over 60 countries and territories, serving approximately 39 million customers worldwide.
HSBC provides retail banking, commercial banking, investment banking, and wealth management services. The company traces its roots to 1865 when it was established in Hong Kong to finance trade between Europe and Asia.
Today, HSBC ranks among the top 10 largest banks globally with assets exceeding $3 trillion. The bank maintains primary listings on the London Stock Exchange and Hong Kong Stock Exchange, with American depositary receipts trading on the New York Stock Exchange.
HSBC Holdings History
1865
Thomas Sutherland founded The Hongkong and Shanghai Banking Corporation in Hong Kong on March 3. The bank opened its Shanghai branch one month later to finance growing trade between Europe and Asia.
1888
HSBC became the first bank established in Thailand and printed the country’s first banknotes. The bank expanded throughout Asia during this period.
1959
The bank acquired Mercantile Bank and The British Bank of the Middle East. These acquisitions expanded HSBC’s presence into India and the Persian Gulf region.
1965
HSBC acquired a controlling interest in Hang Seng Bank, Hong Kong’s leading locally incorporated bank. This strengthened its position in the Hong Kong market.
1980
HSBC purchased a 51% stake in Marine Midland Bank, establishing its first foothold in the United States. Full ownership was completed in 1987.
1991
HSBC Holdings plc was established in London as the new parent company. This prepared the group for its acquisition of Midland Bank and the eventual transfer of sovereignty of Hong Kong to China.
1992
HSBC completed its acquisition of Midland Bank in one of the largest banking deals at that time. The acquisition doubled HSBC’s assets and gave it a major presence in the UK and Europe.
1998
HSBC adopted a unified global brand, using the HSBC name and hexagon symbol across all operations worldwide. This replaced the various subsidiary names used previously.
2024
HSBC completed the sale of its Canadian banking operations to Royal Bank of Canada for $13.5 billion. The bank continued restructuring to focus on its core strengths in Asia.
HSBC Holdings Founder
Thomas Sutherland
Scottish banker and politician who founded HSBC in 1865. He worked for the Peninsular and Oriental Steam Navigation Company in Hong Kong when he identified the need for local banking services to support trade between Europe and Asia.
HSBC Holdings Competitors
HSBC competes with major global financial institutions across retail, commercial, and investment banking sectors. The bank faces competition from American giants, European rivals, and increasingly from large Chinese state-backed banks.
In the UK market, HSBC competes directly with Barclays, Lloyds Banking Group, and NatWest. For international trade finance and corporate banking, Standard Chartered remains a direct competitor, particularly in Asia and emerging markets.
| Competitor | Headquarters | Primary Focus |
|---|---|---|
| JPMorgan Chase | New York, USA | Investment Banking, Consumer Banking |
| Bank of America | Charlotte, USA | Consumer Banking, Wealth Management |
| Citigroup | New York, USA | Global Consumer Banking, Institutional |
| Barclays | London, UK | Investment Banking, UK Retail |
| Standard Chartered | London, UK | Asia, Africa, Middle East Markets |
| BNP Paribas | Paris, France | European Banking, Asset Management |
| UBS | Zurich, Switzerland | Wealth Management, Investment Banking |
| Deutsche Bank | Frankfurt, Germany | Investment Banking, Corporate Banking |
| Wells Fargo | San Francisco, USA | Consumer Banking, Mortgages |
| ICBC | Beijing, China | Commercial Banking, Trade Finance |
HSBC Holdings Acquisitions
HSBC built its global presence through strategic acquisitions spanning more than six decades. The bank followed a deliberate expansion strategy, targeting established institutions in key markets to gain immediate scale and local expertise.
The 1959 acquisitions of Mercantile Bank and The British Bank of the Middle East marked HSBC’s first major expansion beyond Asia. Mercantile Bank brought an extensive branch network across India, while the British Bank of the Middle East provided access to the rapidly growing Gulf region.
In 1965, HSBC acquired a controlling stake in Hang Seng Bank, strengthening its dominance in Hong Kong. This acquisition gave HSBC access to the Chinese community and local business networks that the British-founded bank had struggled to penetrate.
The 1980 purchase of Marine Midland Bank established HSBC’s presence in the United States. HSBC initially acquired 51% of the New York-based bank and completed full ownership in 1987. This provided a platform for later US expansion.
The 1992 acquisition of Midland Bank transformed HSBC into a truly global institution. The deal, valued at approximately $7.2 billion, doubled HSBC’s assets and gave it a major retail banking presence in the UK. As a condition of the acquisition, HSBC relocated its headquarters from Hong Kong to London.
In 1999, HSBC acquired Republic National Bank of New York for $10.3 billion, expanding its private banking capabilities. The 2000 purchase of Crédit Commercial de France for $11 billion established a significant presence in continental Europe.
The 2003 acquisition of Household International for $15.5 billion proved controversial. The US consumer finance company’s subprime mortgage exposure caused significant losses during the 2008 financial crisis, and HSBC wound down the Household operations in 2009.
More recently, HSBC has shifted strategy from acquisition to divestiture, selling its Canadian operations to Royal Bank of Canada in 2024 and exiting several other non-core markets to focus on Asia and international trade corridors.
HSBC Holdings Revenue
HSBC generated $65.9 billion in revenue during 2024, making it one of the highest-earning banks globally. The bank’s revenue has grown steadily over the past decade, driven by expansion in wealth management and commercial banking.
Asia remains the largest revenue contributor, accounting for over 50% of group earnings. Hong Kong and mainland China together generate the majority of the bank’s profits.
HSBC Holdings Annual Revenue (2015-2024)
Revenue in USD billions
HSBC Holdings Market Cap
HSBC’s market capitalization reached approximately $292 billion in January 2026, making it the fourth-largest bank globally by this measure. The bank’s valuation has grown substantially since 2020 when market cap fell to around $100 billion during the pandemic.
HSBC shares trade on multiple exchanges including London, Hong Kong, and New York. The bank maintains a strong dividend policy and has returned billions to shareholders through buybacks in recent years.
HSBC Holdings Market Cap (2015-2024)
Market capitalization in USD billions (year-end values)
FAQs
Who founded HSBC?
Thomas Sutherland, a Scottish businessman working for the Peninsular and Oriental Steam Navigation Company in Hong Kong, founded HSBC on March 3, 1865.
Where is HSBC headquartered?
HSBC Holdings plc is headquartered in London, United Kingdom. The bank relocated its headquarters from Hong Kong to London in 1993 following the Midland Bank acquisition.
What does HSBC stand for?
HSBC stands for Hongkong and Shanghai Banking Corporation, the name of the original bank founded in 1865 to finance trade between Europe and Asia.
How many employees does HSBC have?
HSBC employed 211,304 people worldwide as of December 2024. The bank operates in over 60 countries and territories across Asia, Europe, the Americas, and Middle East.
Is HSBC the largest bank in Europe?
Yes, HSBC is the largest bank in Europe by total assets, with over $3 trillion in assets as of 2024. It ranks among the top 10 largest banks globally.