The United Kingdom the United Kingdom of Great Britain and Northern Ireland, sometimes referred to as Britain, is a sovereign country located off the north-western coast of the European mainland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, many smaller islands. Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state, the Republic of Ireland. Apart from this land border, the United Kingdom is surrounded by the Atlantic Ocean, with the North Sea to the east, the English Channel to the south and the Celtic Sea to the south-west, giving it the 12th-longest coastline in the world; the Irish Sea lies between Great Ireland. With an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world, it is the 22nd-most populous country, with an estimated 66.0 million inhabitants in 2017. The UK is constitutional monarchy; the current monarch is Queen Elizabeth II, who has reigned since 1952, making her the longest-serving current head of state.
The United Kingdom's capital and largest city is London, a global city and financial centre with an urban area population of 10.3 million. Other major urban areas in the UK include Greater Manchester, the West Midlands and West Yorkshire conurbations, Greater Glasgow and the Liverpool Built-up Area; the United Kingdom consists of four constituent countries: England, Scotland and Northern Ireland. Their capitals are London, Edinburgh and Belfast, respectively. Apart from England, the countries have their own devolved governments, each with varying powers, but such power is delegated by the Parliament of the United Kingdom, which may enact laws unilaterally altering or abolishing devolution; the nearby Isle of Man, Bailiwick of Guernsey and Bailiwick of Jersey are not part of the UK, being Crown dependencies with the British Government responsible for defence and international representation. The medieval conquest and subsequent annexation of Wales by the Kingdom of England, followed by the union between England and Scotland in 1707 to form the Kingdom of Great Britain, the union in 1801 of Great Britain with the Kingdom of Ireland created the United Kingdom of Great Britain and Ireland.
Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain and Northern Ireland. There are fourteen British Overseas Territories, the remnants of the British Empire which, at its height in the 1920s, encompassed a quarter of the world's land mass and was the largest empire in history. British influence can be observed in the language and political systems of many of its former colonies; the United Kingdom is a developed country and has the world's fifth-largest economy by nominal GDP and ninth-largest economy by purchasing power parity. It has a high-income economy and has a high Human Development Index rating, ranking 14th in the world, it was the world's first industrialised country and the world's foremost power during the 19th and early 20th centuries. The UK remains a great power, with considerable economic, military and political influence internationally, it is sixth in military expenditure in the world. It has been a permanent member of the United Nations Security Council since its first session in 1946.
It has been a leading member state of the European Union and its predecessor, the European Economic Community, since 1973. The United Kingdom is a member of the Commonwealth of Nations, the Council of Europe, the G7, the G20, NATO, the Organisation for Economic Co-operation and Development and the World Trade Organization; the 1707 Acts of Union declared that the kingdoms of England and Scotland were "United into One Kingdom by the Name of Great Britain". The term "United Kingdom" has been used as a description for the former kingdom of Great Britain, although its official name from 1707 to 1800 was "Great Britain"; the Acts of Union 1800 united the kingdom of Great Britain and the kingdom of Ireland in 1801, forming the United Kingdom of Great Britain and Ireland. Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as the only part of the island of Ireland within the United Kingdom, the name was changed to the "United Kingdom of Great Britain and Northern Ireland".
Although the United Kingdom is a sovereign country, Scotland and Northern Ireland are widely referred to as countries. The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom; some statistical summaries, such as those for the twelve NUTS 1 regions of the United Kingdom refer to Scotland and Northern Ireland as "regions". Northern Ireland is referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice revealing one's political preferences"; the term "Great Britain" conventionally refers to the island of Great Britain, or politically to England and Wales in combination. However, it is sometimes used as a loose synonym for the United Kingdom as a whole; the term "Britain" is used both as a synonym for Great Britain, as a synonym for the United Kingdom. Usage is mixed, with the BBC preferring to use Britain as shorthand only for Great Britain and the UK Government, while accepting that both terms refer to the United K
HSBC Holdings plc is a British multinational banking and financial services holding company. It is the 7th largest bank in the world, the largest in Europe, with total assets of US$2.558 trillion. HSBC traces its origin to a hong in Hong Kong, its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991; the origins of the bank lie 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 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 3,900 offices in 67 countries and territories across Africa, Oceania, North America, South America, around 38 million customers; as of 2014, it was the world's 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, Retail Banking and Wealth Management, Global Private Banking.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 6 July 2012, it had a market capitalisation of £102.7 billion, the second-largest company listed on the London Stock Exchange, after Royal Dutch Shell. It has secondary listings on the New York Stock Exchange, Euronext Paris, the Bermuda Stock Exchange. In February 2015, the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks; the ICIJ alleges that the bank profited from doing business with other clients. The BBC reported that HSBC had put pressure on media not to report about the controversy, with British newspaper The Guardian claiming HSBC advertising had been put "on pause" after The Guardian's coverage of the matter. Peter Oborne, chief political commentator at The Daily Telegraph, resigned from the paper. In 2016, HSBC was sued by Mexican families involved in deaths by organized-crime gangs for processing funds for the Sinaloa cartel.
The Hongkong and Shanghai Bank was founded by Scotsman Thomas Sutherland in the then-British colony of Hong Kong on 3 March 1865, in Shanghai a month benefiting from the start of trading into China, including opium trading. It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866. In 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. On 6 October 1989, it was renamed by the Legislative Council, by an amendment to its governing ordinance made in 1929, to The Hongkong and Shanghai Banking Corporation Limited, became registered as a regulated bank with the Banking Commissioner of the Government of Hong Kong. HSBC Holdings plc incorporated in England and Wales, in the United Kingdom, as Vernat Trading Company Limited on 1 January 1959 and renamed Vernat Eastern Agencies Limited in the same year, was by a non-trading, dormant shelf company under a different, nominal name, when it completed its transformation on 25 March 1991 into the parent holding company to the Hongkong and Shanghai Banking Corporation Limited now as a subsidiary, in preparation for its purchase of the UK-based Midland Bank and the impending transfer of sovereignty of Hong Kong to China.
HSBC Holdings' acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial market presence in the United Kingdom. As part of the takeover conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. Major acquisitions in South America started with the purchase of the Banco Bamerindus of Brazil for $1 billion in March 1997 and the acquisition of Roberts SA de Inversiones of Argentina for $600 million in May 1997. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10.3 billion. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, a large French bank for £6.6 billion. In July 2001 HSBC bought an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc. through a new subsidiary and Tax Advisory Services USA Inc. would purchase a portion of Andersen's tax practice.
The new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. In August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, Mexico's third largest retail bank for $1.1 billion. In November 2002, HSBC expanded further in the United States. Under the chairmanship of John Bond, it spent £9 billion to acquire Household Finance Corporation, a US credit card issuer and subprime lender. In a 2003 cover story, The Banker noted "when banking historians look back, they may conclude, the deal of the first decade of the 21st century". Under the new name of HSBC Finance, the division was the second largest subprime lender in the United States; the new headquarters of HSBC Holdings at 8 Canada Square, London opened in April 2003. In September 2003 HSBC bought Polski Kredyt Bank SA of Poland for $7.8 million. In June 2004 HSBC expanded into China buying 19.9% of the Bank of Communications of Shanghai. In the United Kingdom HSBC acquired
A CD-ROM is a pre-pressed optical compact disc that contains data. Computers can read—but not write to or erase—CD-ROMs, i.e. it is a type of read-only memory. During the 1990s, CD-ROMs were popularly used to distribute software and data for computers and fourth generation video game consoles; some CDs, called enhanced CDs, hold both computer data and audio with the latter capable of being played on a CD player, while data is only usable on a computer. The CD-ROM format was developed by Japanese company Denon in 1982, it was an extension of Compact Disc Digital Audio, adapted the format to hold any form of digital data, with a storage capacity of 553 MiB. CD-ROM was introduced by Denon and Sony at a Japanese computer show in 1984; the Yellow Book is the technical standard. One of a set of color-bound books that contain the technical specifications for all CD formats, the Yellow Book, standardized by Sony and Philips in 1983, specifies a format for discs with a maximum capacity of 650 MiB. CD-ROMs are identical in appearance to audio CDs, data are stored and retrieved in a similar manner.
Discs are made from a 1.2 mm thick disc of polycarbonate plastic, with a thin layer of aluminium to make a reflective surface. The most common size of CD-ROM is 120 mm in diameter, though the smaller Mini CD standard with an 80 mm diameter, as well as shaped compact discs in numerous non-standard sizes and molds, are available. Data is stored on the disc as a series of microscopic indentations. A laser is shone onto the reflective surface of the disc to read the pattern of lands; because the depth of the pits is one-quarter to one-sixth of the wavelength of the laser light used to read the disc, the reflected beam's phase is shifted in relation to the incoming beam, causing destructive interference and reducing the reflected beam's intensity. This is converted into binary data. Several formats are used for data stored on compact discs, known as the Rainbow Books; the Yellow Book, published in 1988, defines the specifications for CD-ROMs, standardized in 1989 as the ISO/IEC 10149 / ECMA-130 standard.
The CD-ROM standard builds on top of the original Red Book CD-DA standard for CD audio. Other standards, such as the White Book for Video CDs, further define formats based on the CD-ROM specifications; the Yellow Book itself is not available, but the standards with the corresponding content can be downloaded for free from ISO or ECMA. There are several standards that define how to structure data files on a CD-ROM. ISO 9660 defines the standard file system for a CD-ROM. ISO 13490 is an improvement on this standard which adds support for non-sequential write-once and re-writeable discs such as CD-R and CD-RW, as well as multiple sessions; the ISO 13346 standard was designed to address most of the shortcomings of ISO 9660, a subset of it evolved into the UDF format, adopted for DVDs. The bootable CD specification was issued in January 1995, to make a CD emulate a hard disk or floppy disk, is called El Torito. Data stored on CD-ROMs follows the standard CD data encoding techniques described in the Red Book specification.
This includes cross-interleaved Reed–Solomon coding, eight-to-fourteen modulation, the use of pits and lands for coding the bits into the physical surface of the CD. The structures used to group data on a CD-ROM are derived from the Red Book. Like audio CDs, a CD-ROM sector contains 2,352 bytes of user data, composed of 98 frames, each consisting of 33-bytes. Unlike audio CDs, the data stored in these sectors corresponds to any type of digital data, not audio samples encoded according to the audio CD specification. To structure and protect this data, the CD-ROM standard further defines two sector modes, Mode 1 and Mode 2, which describe two different layouts for the data inside a sector. A track inside a CD-ROM only contains sectors in the same mode, but if multiple tracks are present in a CD-ROM, each track can have its sectors in a different mode from the rest of the tracks, they can coexist with audio CD tracks as well, the case of mixed mode CDs. Both Mode 1 and 2 sectors use the first 16 bytes for header information, but differ in the remaining 2,336 bytes due to the use of error correction bytes.
Unlike an audio CD, a CD-ROM cannot rely on error concealment by interpolation. To achieve improved error correction and detection, Mode 1, used for digital data, adds a 32-bit cyclic redundancy check code for error detection, a third layer of Reed–Solomon error correction using a Reed-Solomon Product-like Code. Mode 1 therefore contains 288 bytes per sector for error detection and correction, leaving 2,048 bytes per sector available for data. Mode 2, more appropriate for image or video data, contains no additional error detection or correction bytes, having therefore 2,336 available data bytes per sector. Note that both modes, like audio CDs, still benefit from the lower layers of error correction at the frame level. Before being stored on a disc with the techniques described above, each CD-ROM sector is scrambled to prevent some problematic patterns from showing up; these scrambled sectors follow the same encoding process described in the Red Book in order to be stored
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany. The bank is operational in 58 countries with a large presence in Europe, the Americas and Asia; as of April 2018, Deutsche Bank is the 15th largest bank in the world by total assets. As the largest German banking institution in the world, it is a component of the DAX stock market index; the company is a universal bank resting on three pillars – the Private & Commercial Bank, the Corporate & Investment Bank and Asset Management. Its investment banking operations command substantial deal flow in the "Bulge Bracket" category, maintain different "sell side" and "buy side" departments. Deutsche Bank was founded in Berlin in 1870 as a specialist bank for financing foreign trade and promoting German exports, it subsequently played a large part in developing Germany's industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, on 10 March 1870 the Prussian government granted it a banking licence.
The statute laid great stress on foreign business: The object of the company is to transact banking business of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets. Three of the founders were Georg Siemens, whose father's cousin had founded Siemens and Halske, Adelbert Delbrück and Ludwig Bamberger. Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were unknown in international commerce disliked and subject to a higher rate of discount than English or French bills. Hermann Zwicker Anton Adelssen Adelbert Delbrück Heinrich von Hardt Ludwig Bamberger Victor Freiherr von Magnus Adolph vom Rath Gustav Kutter Gustav Müller Wilhelm Platenius, Georg Siemens and Hermann WallichThe bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg, its first foray overseas came shortly afterwards, in Shanghai and London followed sometime by South America.
The branch opening in London, after one failure and another successful attempt, was a prime necessity for the establishment of credit for the German trade in what was the world's money centre. Major projects in the early years of the bank included the Northern Pacific Railroad in the US and the Baghdad Railway. In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp and introduced the chemical company Bayer to the Berlin stock market; the second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entrée into Germany's main industrial regions. Joint ventures were symptomatic of the concentration under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time. In addition, the bank perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank three years but the success of those companies in showed that their existence made sound commercial sense.
The immediate postwar period was a time of liquidations. Having lost most of its foreign assets, Deutsche Bank was obliged to sell other holdings. A great deal of energy went into shoring up, but there was new business, some of, to have an impact for a long time to come. The bank played a significant role in the establishment of the film production company, UFA, the merger of Daimler and Benz; the bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft, at that point the biggest merger in German banking history. Increasing costs were one reason for the merger. Another was the trend towards concentration throughout the industry in the 1920s; the merger came at just the right time to help counteract the emerging world economic and banking crisis. In 1937, the company name changed back to Deutsche Bank; the crisis was, in terms of its political impact, the most disastrous economic event of the century. The shortage of liquidity that paralyzed the banks was fuelled by a combination of short-term foreign debt and borrowers no longer able to pay their debts, while the inflexibility of the state exacerbated the situation.
For German banks, the crisis in the industry was a watershed. A return to circumstances that might in some ways have been considered reminiscent of the "golden age" before World War I was ruled out for many years. After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years, Deutsche Bank took part in the aryanization of Jewish-owned businesses. During the war, Deutsche Bank incorporated other banks that fell into German hands du
Société Générale S. A. nicknamed "SocGen", is a French multinational investment bank and financial services company headquartered in Paris, France. The company is a universal bank and has divisions supporting French Networks, Global Transaction Banking, International Retail Banking, Financial Services and Investment Banking, Private Banking, Asset Management and Securities Services. Société Générale is France's third largest bank by total assets, sixth largest in Europe or seventeenth by market capitalization; the company is a component of the Euro Stoxx 50 stock market index. It is known as one of the Trois Vieilles of French banking, along with BNP Paribas and Crédit Lyonnais. Société Générale is one of the oldest banks in France. Founded in 1864, its original name was Société Générale pour favoriser le développement du commerce et de l'industrie en France; the bank was founded by a group of industrialists and financiers during the Second Empire, on May 4, 1864. The bank's first chairman was the prominent industrialist Eugène Schneider, followed by Edward Charles Blount.
The company started to establish offices. Coverage of France went ahead at a steady rate. By 1870, the bank had 32 in the rest of France, it set up a permanent office in London in 1871. At the beginning, the bank used its own resources entirely for both financial and banking operations. In 1871, Société Générale moved into the public French issues market with a national debenture loan launched to cover the war indemnity stipulated in the Treaty of Frankfurt. In 1886, Société Générale was part of the bank consortium that financed the construction of the Eiffel Tower. From 1871 to 1893, France went through a period of economic gloom marked by the failure of several banking establishments; the company continued to grow at a more moderate pace. In 1889, there were 148 banking outlets, demonstrating the group's capacity to withstand unfavourable economic conditions. Starting in 1894, the bank set up the structures characterising a modern credit institution; as well as collecting company and private deposits, its branches started to provide short-term operating credits for industrialists and traders.
It moved into placing shares with the general public, issuing private debenture loans in France and in Russia. Acquisition of equity stakes became a more secondary activity; the company's excellent financial health allowed it to expand its shareholding structure. In 1895, Société Générale had 14,000 shareholders. In 1913, they numbered 122,000; the war years had serious consequences with the loss of Russian business. However, during the 1920s Société Générale became France's leading bank: its network had grown since the 1890s, with a huge number of branches and seasonal offices allowing in-depth penetration of the provincial market; the number of sales outlets rose from 1,005 in 1913 to 1,457 in 1933. Thanks to the dynamism of supervisory and management staff at head office and in the branch offices it moved ahead of Crédit Lyonnais between 1921 and 1928. To satisfy the requirements of investing companies, Société Générale created a subsidiary, specialised in medium-term credit in 1928. On an international level, the bank held an active participation in the Russo-Asian Bank, one of the leading bank of the Russian empire.
Société Générale first settled in Russia through the Severnyi bank in 1901, before merging with the Russo-Asian bank in 1910, which held a majority stake in the Chinese Eastern Railway. The 1930s were another difficult period. Given the decline in international and French business, the bank was forced to nationalise its network by closing down local branches. On the eve of World War II, the number of sales outlets was not much greater than in 1922. However, Société Générale was active in placing numerous public loans launched during this period by the State or the colonies; the war and the German Occupation interrupted its advance, but the bank moved into Africa and the United States. Société Générale was nationalised in 1945, it now had a single shareholder: the State. The period from 1945 to 1958 was characterised in France by rapid economic recovery but a greater disequilibrium in the balance of payments, calling for continued exchange controls and permanent credit control measures, it was not until 1959 that the economy recovered, but credit controls were reinforced due to persistent inflationary pressures.
Sharp growth in production and foreign trade opened up new areas of business for the banks. The industry underwent some quite radical changes, one of the most striking of, much greater specialisation of credit; the range of banking services on offer expanded uninterruptedly. Thanks to its presence in New York City, Société Générale was able to take advantage of the flow of business generated by the Marshall Plan. Société Générale continued to expand in France and beyond, it moved into Italy and Mexico and altered the status of its establishments in Africa after decolonisation, in accordance with the laws passed by these newly independent countries. Société Générale gave new impetus to its French network, with an acceleration in growth after 1966 following elimination of prior authorisation for opening branch offices. International expansion was just as vigorous, it was no longer limited, as before, to the main financial centres, neighbouring countries (Belgium
A transaction account called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions, is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct. Access may be in a variety of ways, such as cash withdrawals, use of debit cards and electronic transfer. In economic terms, the funds held in a transaction account are regarded as liquid funds. In accounting terms they are considered as cash. Transaction accounts are known by a variety of descriptions, including a current account, chequing account or checking account when held by a bank, share draft account when held by a credit union in North America. In the United Kingdom, Hong Kong, India and a number of other countries, they are called current or cheque accounts; because money is available on demand they are sometimes known as demand accounts or demand deposit accounts.
In the United States, NOW accounts operate as transaction accounts. Transaction accounts are operated by personal users. Depending on the country and local demand economics earning from interest rates varies. Again depending on the country the financial institution that maintains the account may charge the account holder maintenance or transaction fees or offer the service free to the holder and charge only if the holder uses an add-on service such as an overdraft. In Holland in the early 1500s, Amsterdam was a major shipping city. People who had acquired large accumulations of cash began to deposit their money with cashiers to protect their wealth; these cashiers held the money for a fee. Competition drove cashiers to offer additional services, including paying out money to any person bearing a written order from a depositor to do so, they kept the note as proof of payment. This concept spread to other countries including England and its colonies in North America, where land owners in Boston in 1681 mortgaged their land to cashiers who provided an account against which they could write checks.
In the 18th century in England, preprinted checks, serial numbers, the word "cheque" appeared. By the late 18th century, the difficulty of clearing checks gave rise to the development of clearing houses. All transaction accounts offer itemised lists of all financial transactions, either through a bank statement or a passbook. A transaction account allows the account holder to make or receive payments by: ATM cards Debit card Cash Cheque and money order Direct debit Standing order Electronic funds transfers Online banking Banks offering transactional accounts may allow an account to go into overdraft if, arranged. If an account has a negative balance money is being borrowed from the bank and interest and overdraft fees as charged. In the United Kingdom and other countries with a UK banking heritage, transaction accounts are known as current accounts; these offer various flexible payment methods to allow customers to distribute money directly. One of the main differences between a UK current account and an American checking account is that they earn considerable interest, sometimes comparable to a savings account, there is no charge for withdrawals at cashpoints, other than charges by third party owners of such machines.
Certain modes of payment are country-specific: Giro In the United Kingdom, Faster Payments Service offers near immediate transfer, BACS offers giros that clear in a matter of days while CHAPS is done on the same day. Canada has an Interac e-Transfer service In India, NEFT and RTGS services are available to clear funds in a day. Customers may need to attend a bank branch for a wide range of banking transactions including cash withdrawals and financial advice. There may be restrictions on cash withdrawals at a branch. For example, withdrawals of cash above a threshold figure may require notice. Many transactions that could only be performed at a branch can now be done in others ways, such as use of ATMs, online and telephone banking. Cheques were the traditional method of making withdrawals from a transaction account. Automated teller machines enable customers of a financial institution to perform financial transactions without attending a branch; this enables, for example, cash to be withdrawn from an account outside normal branch trading hours.
However, ATMs have quite low limits for cash withdrawals, there may be daily limits to cash withdrawals other than at a branch. With the introduction of mobile banking a customer to perform banking transactions and payments, to view balances and statements, various other facilities using their mobile phone. In the UK this has become the leading way people manage their finances, as mobile banking has overtaken internet banking as the most popular way to bank. Internet or online banking enables a customer to perform banking transactions and payments, to view balances and statements, various other facilities; this can be convenient when a bank is not open and enables banking transactions to be effected from anywhere Internet access is available. Online banking avoids the time spent travelling to a branch and standing in q
BNP Paribas S. A. is a French international banking group. It is the world's 8th largest bank by total assets, operates with a presence in 77 countries, it was formed through the merger of Banque Nationale de Paris and Paribas in 2000, but has a corporate identity stretching back to its first foundation in 1848 as a national bank. It is one of three major international French banks, along with Société Générale and Crédit Agricole; the group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index, while it included in the French CAC 40 index. With both a retail banking section and investment banking operations, the bank is present on five continents, its retail banking networks serves more than 30 million customers in its three domestic markets, France and Italy through several brands such as BNL and Fortis. The retail bank operates in the Mediterranean region and in Africa. In the Americas, it operates in the western United States as Bank of the West and is Hawaii's most important banking group through its majority-owned subsidiary First Hawaiian Bank.
As an investment bank and international financial services provider for corporate and institutional clients, it is present across Europe, the Americas, Asia. BNP Paribas is the largest bank in the Eurozone, it became one of the five largest banks in the world following the 2008 financial crisis. Despite some legal difficulties in the United States in 2014, including being fined the largest sum as reparation for violating US sanctions, it remains one of the ten largest banks worldwide; the Banque Nationale de Paris S. A. resulted from a merger of two French banks – Banque nationale pour le commerce et l'industrie and Comptoir national d'escompte de Paris – in 1966. The Banque de Paris et des Pays-Bas S. A. or Paribas, was formed from two investment banks based in Paris and Amsterdam, in 1872. Les Pays-Bas is French for the Netherlands. In May 2000, BNP and Paribas merged to form BNP Paribas, thus descended from four founding banking institutions. On 7 March 1848, the French Provisional Government founded the Comptoir national d'escompte de Paris in response to the financial shock caused by the revolution of February 1848.
The upheaval destroyed the old credit system, struggling to provide sufficient capital to meet the demands of the railway boom and the resulting growth of industry. The CEP grew in France and overseas, although in 1889 there was a crisis in which it was temporarily placed in receivership. Separately, on 18 April 1932, the French government replaced Banque nationale de crédit, which failed as a result of the 1930s recession, with the new bank Banque nationale pour le commerce et l'industrie; the former banks headquarter and staff were used to create BNCI with fresh capital of 100 million francs. The bank grew through absorbing a number of regional banks that got into financial trouble. After the Second World War, it continued to grow steadily, it grew its retail business in France and its commercial business overseas in the French colonial empire. After the end of the Second World War, the French state decided to "put banks and credit to work for national reconstruction". René Pleven Minister of Finance, launched a massive reorganization of the banking industry.
A law passed on 2 December 1945 and which went into effect on 1 January 1946 nationalized the four leading French retail banks: Banque nationale pour le commerce et l'industrie, Comptoir national d'escompte de Paris, Crédit Lyonnais, Société Générale. In 1966, the French government decided to merge Comptoir national d'escompte de Paris with Banque nationale pour le commerce et l'industrie to create one new bank called Banque Nationale de Paris; the bank was re-privatised in 1993 under the leadership of Michel Pébereau as part of a second Chirac government's privatization policy. Banque de Paris et des Pays-Bas was established on 27 January 1872, through the merger of Banque de Crédit et de Dépôt des Pays-Bas, established in 1820 by Louis-Raphaël Bischoffsheim in Amsterdam, Banque de Paris, founded in 1869 by a group of Parisian bankers, it went on to develop a strong investment banking business both domestically in France and overseas. During the period 1872 to 1913, it was involved in raising funds for the French and other governments as well as big businesses through a number of bond issues.
It helped the French government raise funds during the First World War and raised further capital and expanded into investments into industrial companies during the Great Depression. It lost assets during the Second World War. After World War II, it missed the nationalisation of the other French banks due to its status as an investment bank and managed to take advantage of that by expanding its operations overseas, it directs its activity towards businesses and participates in the development and restructuring of French industry, including names such as Groupe Bull and Thomson-CSF. The bank was nationalized in 1982 by the government of Pierre Mauroy under François Mitterrand as part of a law that nationalized five major industrial companies, thirty-nine registered banks, two financial companies and Paribas, it was re-privatized in January 1987 by the Chirac government. In the 1990s, Paribas had an active policy of acquisitions and divestiture; this included selling the Ottoman Bank to Doğuş Holding, setting up the joint venture lending company Cetelem in Germany.
It sold Crédit du Nord to Société Générale and in 1998 it merged with Compagnie Bancaire, renaming the bank with th