HSBC Private Clients Services Group was established in 2002 and provided independent services to high net worth clients. It was also at this time that HSBC continued its expansion into the United States, leading to the creation of HSBC Finance, which would eventually become the second largest subprime lender in the United States. The 2000s saw the company expand across the world, acquiring large-scale assets such as Marks & Spencer Retail Financial Service Holding Ltd in 2004. It held strong throughout the 2007-2010 recession, securing better results than other major banks, which in the current market conditions could bode well for the company and HSBC