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HSBC Securities (USA) Inc. And HSBC Bank USA, N.A. Announcement

24 October 2008

HSBC Securities (USA) Inc. And HSBC Bank USA, N.A. Announce Voluntary Repurchase Of Remaining Auction Rate Securities From Customers

NEW YORK, N.Y., October 24, 2008 – HSBC Securities (USA) Inc. (“HSBC Securities”) today announced a second voluntary offer to purchase at par all remaining auction rate securities purchased through HSBC and currently held by customers in their HSBC Securities accounts. In June 2008, HSBC Securities voluntarily made a first offer to purchase at par most auction rate securities held by its customers. Customers who participated in that earlier offer received cash for their auction rate securities in July.

Due to HSBC Securities’ efforts to comply with regulations impacting the amount of securities it could purchase from customers, the June offer did not include all the auction rate securities holdings of a small number of customers. Following recent regulatory relief published by the Securities and Exchange Commission regarding offers to purchase auction rate securities, HSBC Securities is now able to make a second offer for the remaining eligible securities.

In addition, HSBC Bank USA, N.A. is taking the opportunity to extend an offer to purchase all auction rate securities of the few customers who purchased these securities through the bank and continue to hold them in bank custody arrangements.

The offers are made to provide liquidity to HSBC customers, should they want it or need it, in light of the unprecedented developments in the auction rate securities markets, and the high value HSBC places on its customers.

These offers are not being made to the general public and are only applicable to eligible HSBC Securities or HSBC Bank customers. Eligible customers will receive materials requiring responses postmarked on or before November 25.

Notes to editors:

About HSBC

HSBC Bank USA, N.A. and its sister bank, HSBC National Bank USA, have more than 460 bank branches throughout the United States, with about 380 in New York state; branches in California and Pennsylvania; and a growing network of branches in Connecticut, Washington, D.C., Florida, New Jersey, Maryland and Virginia. There is also a branch in each of the following states: Delaware, Illinois, Oregon and Washington State. HSBC Bank USA , N.A. is the principal subsidiary of HSBC USA Inc., an indirectly-held, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC USA Inc. is one of the nation's 10 largest bank holding companies by assets.

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