HSBC Holdings plc is a British multinational banking and financial services company headquartered in London, United Kingdom. It is the world's third largest bank by total assets, with total assets of US$2.67 trillion. It was established in its present form in London in 1991 by the Hongkong and Shanghai Banking Corporation Limited to act as a new group holding company.[6][7] 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.[8] The company was first formally incorporated in 1866. The company continues to see both the United Kingdom and Hong Kong as its "home markets"