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HSBC Names Kevin Logan Chief U.S. Economist

25 May 2010

HSBC today announced it has hired Kevin Logan as U.S. Chief Economist within the research division of its Global Banking and Markets business.

New York, NY - HSBC today announced it has hired Kevin Logan as U.S. Chief Economist within the research division of its Global Banking and Markets business. He reports to Patrick Boucher, head of research for the Americas, and functionally to Stephen King, HSBC Group Chief Economist. Based in New York City, Logan is responsible for U.S. economic forecasts and publication of key economic research for the bank's institutional client base across the world. Specifically, he will look at how U.S. economic developments impact other markets and how other markets, especially emerging markets, are affecting U.S. economic trends and data.

"The U.S. continues to be one of the largest investment markets and an important part of global economic data," said Patrick Boucher, head of research for the Americas at HSBC. "Kevin, who has been a financial market economist for 25 years, is an important addition to our global economic team. Our clients will benefit greatly from his insights and knowledge base."

Most recently, Logan served as director and senior market economist responsible for U.S. economic forecasting at Dresdner Kleinwort for more than 12 years. Prior to this, he was the U.S. chief economist for Swiss Bank Corporation (now UBS) from 1992 to 1996. Logan began his financial markets career with Citicorp in 1984.

Logan earned a B.A. in economics from the University of Rochester and a Ph. D. in economics from Cornell University in 1978.

Notes to editors:

HSBC Bank USA, N.A.

HSBC Bank USA, National Association offers a full range of banking products and services to individuals, small businesses, corporations, institutions and governments. Its network extends to over 475 branches, with more than 370 in New York State as well as towns and cities across Florida, California, Washington, D.C., Pennsylvania, New Jersey, Delaware, Oregon, Washington, Maryland, Illinois, Connecticut and Virginia. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an indirect, wholly-owned subsidiary of HSBC North America Holdings Inc., one of the largest bank holding companies in the United States by assets. Member FDIC.

HSBC Bank USA, N.A., with total assets of $171 billion as of 31 December 2009, offers its 3.8 million plus customers a full range of banking products and services to individuals, including high net worth individuals, small businesses, corporations, institutions and governments through its personal financial services, commercial banking, private banking and global banking and markets segments.

HSBC Global Banking and Markets is an emerging markets-led and financing-focused business that provides tailored financial solutions to major government, corporate and institutional clients worldwide. HSBC Global Banking and Markets in the United States offers a full range of tailored financial products through HSBC Bank USA, N.A. and HSBC Securities (USA) Inc.

HSBC Holdings plc

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.

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