Here is a little bit info for a starter....
Long before 1997, it moved its HQ to Bermuda. Over the years it bought numerous banks all over the world. Those being bought in U.S. included Sealand Midland (a good size bank in U.S.), then a New York bank which specialized in Private Banking, then a big subprime lender in this country to gain foothold in credit card business in U.S. I forgot the name of the credit card issuer HSBC bought. It dropped the old name and just called itself HSBC. It is NOT a bank registered in Hong Kong at least over a decade. But, to me, it is the good old Hongkong and Shanghai Banking Corp but not very many people know about this name these days.
Japanese banks USED TO BE the largest banks in the world because their assets were severely inflated by land value. After the bubble bursted in early 90's Japanese banks actually bordering to negative assets for many years until recent years the government finally started a slow reform.
BNP Paris used to be one of the top 5 but I have no idea where it ranks now.
During the hay days of Japanese banks, Citi was not even in the top 10. Nowadays Citi and BofA are the top 2, but Chase is catching up after BankOne and Chase merged.
HSBC has been amoung the top 10 for many years.
Citi is not very big if you count asset basis - a good part of its business is credit card business, which, by definition, does not carry deposit, and therefore, does not contribute to asset basis. Profit center, and a huge one, Yes. Asset contributor, not really in a strict sense.
There are several ways to measure a financial institution, the valuation of assets is one of them.
Enough for some info regarding financial instutions. If you are interested for more, google it you will definitely find HSBC is NOT HK based. In fact on HSBC corporate site, it calls itself the World's Local Bank. I find this is a very adptly name.
Long before 1997, it moved its HQ to Bermuda. Over the years it bought numerous banks all over the world. Those being bought in U.S. included Sealand Midland (a good size bank in U.S.), then a New York bank which specialized in Private Banking, then a big subprime lender in this country to gain foothold in credit card business in U.S. I forgot the name of the credit card issuer HSBC bought. It dropped the old name and just called itself HSBC. It is NOT a bank registered in Hong Kong at least over a decade. But, to me, it is the good old Hongkong and Shanghai Banking Corp but not very many people know about this name these days.
Japanese banks USED TO BE the largest banks in the world because their assets were severely inflated by land value. After the bubble bursted in early 90's Japanese banks actually bordering to negative assets for many years until recent years the government finally started a slow reform.
BNP Paris used to be one of the top 5 but I have no idea where it ranks now.
During the hay days of Japanese banks, Citi was not even in the top 10. Nowadays Citi and BofA are the top 2, but Chase is catching up after BankOne and Chase merged.
HSBC has been amoung the top 10 for many years.
Citi is not very big if you count asset basis - a good part of its business is credit card business, which, by definition, does not carry deposit, and therefore, does not contribute to asset basis. Profit center, and a huge one, Yes. Asset contributor, not really in a strict sense.
There are several ways to measure a financial institution, the valuation of assets is one of them.
Enough for some info regarding financial instutions. If you are interested for more, google it you will definitely find HSBC is NOT HK based. In fact on HSBC corporate site, it calls itself the World's Local Bank. I find this is a very adptly name.
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