HSBC Holdings plc is a public limited company incorporated in England and Wales, headquartered in London.[2] As of 2008, it is both the world's largest banking group and the world's largest company according to a composite measure by Forbes magazine.[3][4] The group was founded from The Hongkong and Shanghai Banking Corporation, the acronym of which led to the current name. Today, whilst Hong Kong still continues to be a significant source of income for the group, no single geographical area dominates earnings. Recent acquisitions and expansion in China are returning HSBC to part of its roots.[5] HSBC is Europe's biggest bank and has an enormous operational base in Asia and significant lending, investment, and insurance activities around the world. The company has a global reach and financial fundamentals matched by few other banking or financial multinationals.[6]HSBC is listed on the London, New York, Hong Kong, Paris and Bermuda Stock Exchanges, and is a constituent of theFTSE 100 Index and the Hang Seng Index.