HSBC Holdings PLC is a British-based multinational banking and financial services company headquartered in London, United Kingdom. It is the worlds fourth 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. The origins of the bank lie mainly in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865. The HSBC name is derived from the initials of the Hongkong and Shanghai Banking Corporation. The company was first formally incorporated in 1866. The company continues to see both the United Kingdom and Hong Kong as its "home markets". HSBC has around 6,000 offices in 71 countries and territories across Africa, Asia, Oceania, Europe, North America and South America, and around 60 million customers. As of 2014, it was the worlds sixth-largest public company, according to a composite measure by Forbes magazine. HSBC is organised within four business groups: Commercial Banking; Global Banking and Markets (investment banking); Retail Banking and Wealth Management; and Global Private Banking.