HSBC Holdings plc is a British multinational banking and financial services company, ranking as the seventh-largest bank in the world and the largest in Europe, with total assets amounting to US$2.558 trillion (as of December 2018). The bank traces its origins to Hong Kong, with its current structure established in 1991 when the Hongkong and Shanghai Banking Corporation created a new group holding company in London. HSBC’s roots are primarily in Hong Kong, with a lesser focus on Shanghai, where its first branches were opened in 1865. The name HSBC comes from the initials of the Hongkong and Shanghai Banking Corporation, which was incorporated in 1866. The company continues to consider both the United Kingdom and Hong Kong as its “home markets.”