Pseudo-acronyms may have advantages in international markets: for example, some national affiliates of International Business Machines are legally incorporated with "IBM" in their names (for example, IBM Canada) to avoid translating the full name into local languages. Likewise, UBS is the name of the merged Union Bank of Switzerland and Swiss Bank Corporation, and HSBC has replaced the long name Hongkong and Shanghai Banking Corporation. Some companies which have a name giving a clear indication of their place of origin will choose to use acronyms when expanding to foreign markets: for example, Toronto-Dominion Bank continues to operate under the full name in Canada, but its U.S. subsidiary is known as TD Bank, just as Royal Bank of Canada used its full name in Canada (a constitutional monarchy), but its now-defunct U.S. subsidiary was called RBC Bank. The India-based JSW Group of companies is another example of the original name (Jindal South West Group) being re-branded into a pseudo-acronym while expanding into other geographical areas in and outside of India.