HSBC - Hong Kong Shanghai Bank Company

edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
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stars_brightstars_bright Forumite
159 Posts
edited 30 November -1 at 1:00AM in ISAs & Tax-free Savings
I have recently opened an ISA with HSBC but have only just realised what the HSBC stands for. Now I am worried that, if something were to go wrong with HSBC, with it being a foreign bank, would my money be as safe as it would be if is was in a UK bank? Also, I have money saved in a First Difrect bank accountm which is part of HSBC, so would that not be as safe either?
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  • talanatalana Forumite
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    Point 1 - nothing is going to go wrong with HSBC! ;)
    Point 2 - it is a UK bank in this respect, so nothing to worry about.

    I used to live in Hong Kong back in the 80s and have fond memories (nostalgia almost :rolleyes:) for the old Hong Kong & Shanghai Banking Corporation before they bought out Midland Bank in the UK.
  • dunstonhdunstonh Forumite
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    with it being a foreign bank

    OK, have I missed something? ;)
    would my money be as safe as it would be if is was in a UK bank?

    At close of business today it was a UK bank. HSBC is one of the safest UK banks. Even if it wasnt, it has the same FSCS protection that the rest of the publicly owned UK retail banks have.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Cranston_2Cranston_2 Forumite
    197 Posts
    HSBC has a very strong balance sheet and is IMO a very very safe bank to deposit money with.

    Compare the share charts for the UK banks over the last year. You will see that HSBC shares have faired much better then any of the other banks. That's a signal from the market place confirming the quality of HSBC business.
    "Brevity is the soul of wit and it is also the essence of effective communication" Rush Limbaugh.
  • JonbvnJonbvn Forumite
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    LOL!

    HSBC is the 3rd biggest bank in the world with a market cap of about US$170bn with operations in numerous countries. If they go bust, then the only value money will have will be for lighting fires!
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Let me just fill you in on something to help you sleep tonight.

    1) HSBC does not stand for anything anymore-it is a brand name in it's own right and de-merged from Hong Kong & Shanghai Banking Corp a few years ago-HSBC means letters as a brand and nothing to be associated.

    2) HSBC is in over 82 different countries across the world, and in each country they have bought at least one major bank locally, to introduce themselves into the local market place (thus the slogan 'The world's local bank')-do you think if they fell in one country they would be worried-if HSBC went under then the world markets would crash with it!!

    3) HSBC is the biggest company in the world and has thousands of employees working from one end of the globe to the other, and therefore is now the world's biggest bank in terms of liquidty and worth.

    Therefore your money is completely safe!
    Loan-£3600 only 24 months of payments to go!!!
    All debt consolodated and cards destroyed!!
    As D'Ream would sing 'Things.....can only get better'!!!
  • Ian_WIan_W Forumite
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    Scousebird wrote:
    Therefore your money is completely safe!
    Nothing in this world is COMPLETELY safe. However, on a scale of 1 to 10 [with 10 being the safest] HSBC are probably 9.99999999999999999999 [and maybe then some] safe!
    However, if HSBC did go t1ts-up forget the FSCS - as johnbvn says so eloquently:
    the only value money will have will be for lighting fires!
  • SpeculatorSpeculator Forumite
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    Yes, as others have said, HSBC is a very safe UK bank.
  • JonbvnJonbvn Forumite
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    Scousebird wrote: »
    HSBC is the biggest company in the world....

    Sorry to be pedantic, but HSBC is far from the largest company in the world by any measure. However, it is still huge.

    http://en.wikipedia.org/wiki/List_of_companies_by_revenue
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • Jonbvn wrote: »
    Sorry to be pedantic, but HSBC is far from the largest company in the world by any measure. However, it is still huge.

    http://en.wikipedia.org/wiki/List_of_companies_by_revenue


    Have a look at this though..... would appear that perhaps they are the biggest company in the world, I think it is all about how the measure it though!

    http://en.wikipedia.org/wiki/Hsbc
  • AegisAegis Forumite
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    HSBC were top of the Forbes list for world's largest companies a few months ago, but I believe that was based on a composite score across a number of possible measures of size, meaning that some companies would be bigger if you took just the total value of held assets, for example.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
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