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HSBC Names Cards Executive

28 July 2010

Patrick Burke as HSBC Finance CEO

Mettawa, Ill – Patrick “Pat” Burke has been appointed Chief Executive Officer (CEO) of HSBC Finance Corporation, to lead the U.S. consumer finance division. Burkes’s appointment was effective July 12, 2010.   He succeeds Niall Booker in this role; Booker was recently named CEO of HSBC North America Holdings, Inc. with effect from August 1, 2010.

Burke, age 48, currently serves as Senior Executive Vice President and Chief Executive Officer of Card and Retail Services for HSBC Finance Corporation. He is responsible for the U.S. operation of the HSBC credit card and retail business, as well as providing significant leadership and strong collaboration with parent HSBC Holdings plc in building a global cards business.

Burke’s prior positions include Chief Financial Officer with HFC Bank in the United Kingdom in 2000, and President and CEO of HSBC Financial Corporation Canada in 2003. He began his career at the company in 1989 as Deputy Director, Mergers and Acquisitions and Vice President of Strategy and Development.

“Under Pat’s leadership, the credit card business in the U.S. has been consistently profitable,” said Niall Booker, CEO-designate of HSBC North America Holdings. “I’m confident that Pat will continue the solid progress made in the last few years in the U.S. as we effectively wind down our non-core businesses and concentrate on growing our core business of cards.” 

Brian Hughes, 43, becomes Executive Vice President and Head of Card and Retail Services for HSBC Finance Corporation. Hughes has been with HSBC since 2004, most recently serving as EVP, Marketing, for Card and Retail Services. He was responsible for the strategic direction and day-day-day leadership and operations of the Retail Services business and its merchant relationships. Hughes has played a key role in working effectively with the merchants on business solutions, including renegotiating many merchant and partner contracts.

Prior to joining HSBC, Hughes was a Principal with Booz Allen Hamilton, where he specialized in growth strategy and marketing effectiveness.

“Brian has been responsible for managing the private label credit card programs, which includes many prominent retailers. In total, our private label programs serve some 18 million customer accounts nationally,” said Pat Burke, CEO for HSBC Finance. “I believe Brian is the right person to lead our US cards business and continue the increasing role our US business has in driving the effective growth of HSBC’s global cards business.

Biographies for Burke and Hughes are available from the media contact below.

HSBC North America Holdings Inc. is one of the ten largest bank holding companies in the United States with assets of $345 billion at 31 March 2010 (US GAAP). The company’s businesses serve customers in the following key areas: personal financial services, credit cards, specialty insurance products, commercial banking, private banking, and global banking and markets.

HSBC Finance Corporation, through its subsidiaries, provides credit cards and private label credit cards, taxpayer financial services and specialty insurance products, and also services a liquidating portfolio of residential real estate loans and unsecured loans. A liquidating portfolio of auto loans is serviced by a third party.  HSBC Finance is a subsidiary of HSBC North America Holdings Inc., one of the ten largest bank holding companies in the United States.

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