HSBC Holdings plc is a UK multinational investment bank and financial services holding company. With total assets of USD 2.558 billion (as of December 2018), it was the seventh largest bank in the world by 2018 and the largest in Europe. HSBC dates back to a Hong Kong Hong Kong, and its current form was established in London by the Hong Kong and Shanghai Banking Corporation to act as a new group holding company in 1991. The Bank's origins lie mainly in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865. The name HSBC is derived from the initials of the Hong Kong and Shanghai Banking Corporation. The first formal foundation of the company took place in 1866.