HSBC: 10 Top Competitors and Alternatives

The Hongkong and Shanghai Banking Corporation, in short, HSBC, is a renowned British multinational universal bank that serves worldwide. With a global network and fast-growing business market, HSBC has become one of the largest international banks by total assets.

Founded in 1865 by Sir Thomas Sutherland, this financial services holding company has generated over US$2.953 trillion as reported by December 2021. 

HSBC generates billions of profits annually from credit cards, insurance, asset management, mutual funds, and more financial products. 

HSBC’s competitor’s list:

Commerzbank

With US$9.20 billion in dollars, Commerzbank stands in the second-highest position on the list of international finance companies and banks list. It’s a multinational commerce bank serving worldwide private, corporate, and business customers.

Commerzbank offers customers the facilities of savings and current accounts, electronic banking, investments, credit cards, loans and mortgages, and more extras with the support of its over 47,718 employees.

The bank has reported generating approx €462 billion since 1870 by serving over 18 million customers. 

Lloyds Banking Group

Another British multinational financial company, Lloyds Banking Group, is a strong competitor of HSBC. Ruling the market in Europe since 2009, Lloyds group has made worth £886.5 billion assets as of 2021 with multiple banking products.

Lloyds Banking Group offers numerous banking facilities from investment opportunities, mutual funds, long-term savings, retail, and commercial banking to general insurance products.

This bank offered its service through brands like Scottish Widows, Lloyds Bank, Bank of Scotland, and Halifax and generated a £9.366 billion annual profit in 2021. 

Standard Chartered

Established in 1969 by James Wilson, Standard Chartered bank has gained its name and popularity in the international market. This bank has a broad customer base in more than 70 countries due to its reliable and profitable banking products, solution, and services.

From individual to business people, private to corporate and business, Standard Chartered caters to every kind of customer and offers extensive banking facilities.

With 168 years of trust and reliability, the company has gained over US$ 827.818 billion worth of acquisitions supported by its 85,000+ employees and millions of customers. 

Santander

This United States-based banking company is the second biggest company to compete with HSBC in every aspect.

Headquartered in Boston, Massachusetts, this firm fulfills massive banking requirements in America by offering corporate banking, insurance, credit cards, retail banking, cash, wealth and trust management, and more.

By providing reliable financial solutions, Santander has driven $57.5 billion from its 650 retail banks, where 9,800+ people work faithfully, and 2,000 ATMs.

Scotiabank

Introduced in 1832, almost 190years back in Halifax, Nova Scotia, Scotiabank is another robust rival of HSBC at the international level.

Scotiabank, also known as the Bank of Nova Scotia, is a multinational financial and baking service provider with years of legacy and support of 92,001+ employees.

Headquartered in Toronto, Ontario, Scotiabank has become the third-largest Canadian bank by market capitalization and deposits. By serving more than 25 million customers, this company has earned assets of CA$1,136 billion as of 2020. 

Citi

Citi bank has placed its footprint since 1812, catering religiously to satisfactory customer service.

By providing an abundance of financing and banking service, products, and solution, Citi bank has seen the fastest growth in the banking industry.

It’s a significant rival of HSBC bank that generates annual revenue of US$71.88 billion as of 2021. The Citi group bank currently employs 210,000+ individuals funding their hard work and support rigorously. 

Bank of America

BOA or Bank of America, is an America-based multinational financial and banking service-providing corporation. It has offered a wide range of banking solutions and investment banking services worldwide since 1998.

Founded by Hugh McColl and Amadeo Giannini, Bank of America commits to fulfilling all banking requirements of people, from investment, banking, and other risk and financial management services to private, corporate, SMBs, and large corporations.

Currently, the corporation has 16,200 ATMs worldwide and 4,600 retail financial centers globally and making worth US$89.11 billion annually (2021). 

JPMorgan Chase

One of the biggest and strongest rivals of HSBC is JP Morgan Chase. The company is an American multinational investment bank that provides several financial services to the millennials and corporate establishments, including treasury, current & savings accounts, investment opportunities, asset management, and other services.

With the support and reliability of its customers, the firm has accumulated almost US$3.74 trillion in assets as of 2021. The efforts of John Pierpont Morgan, Aaron Burr, John Thompson, and Balthazar P. Melick made the company so renowned in the global market in 2000. 

Banco Bilbao

Banco BilbaoVizcaya Argentaria, S.A. or better known as BBVA is another robust competitor of HSBC in the interntaional market.

It is a Spanish multinational financial services company headquartered in Bilbao and Madrid, Spain. It’s one of the largest and most widely spread financial institutions listed on the New York Stock Exchange, the Madrid Stock Exchange, and the Mexican Stock Exchange.

With over 125,627 employees and 7,963 offices, the company has gained a loyal customer base of 74.5 million in 30 countries.

Barclays Plc

Although it’s a London-based British multinational universal bank, Barclays Plc competes with HSBC regarding assets, revenues, sales, and customers.

Founded in 1690, Barclays is considered a systematically strong and structural bank. It operates in two divisions, one from Europe and another from global aspects.

As of 2021, the company employs 83,500 individuals, and with their support and enthusiasm, Barclays has successfully generated £1.384 trillion in total assets and £21.940 billion in remunerations. 

NatWest Group Plc

Being a public bank since 1968, NatWest Group plc is serving people several reliable and investment-worthy financing plans. It’s a British bank that widely offers investment banking, Credit card facilities, Private banking, Mortgages, Retail and Corporate banking, and more.

With over 59,200 employees, NatWest is reported to generate £10.512 billion worth of profit in 2021.

Based in Edinburgh, Scotland, this banking corporation stands as the fifth-largest bank in the world by market capitalization. It’s another biggest rival of HSBC in sales and revenues. 

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