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HSBC Launches First Integrated Premier and Business Banking Center in New York City
19 May 2011
New York, NY - HSBC Bank USA, N.A. (HSBC), part of one of the world's largest financial organizations, today announced the launch of its first integrated Premier and Business Banking Center in New York City to meet heightened demand from internationally-connected customers. Located in the heart of Manhattan's financial district at 110 William Street, the recently refurbished 10,000 square foot facility features a customer friendly design incorporating three ATMs, four teller stations, seven meeting rooms and a Premier banking lounge. The Business Banking Center provides access to a full suite of offerings including: Commercial loans of up to US$5 million, Payments & Cash Management, Trade & Supply Chain and Foreign Exchange.
Staffed by a team of 15 branch employees and 16 on-site Business Banking professionals, the William Street office currently provides foreign language assistance in Mandarin, Cantonese, Spanish, Hindi, and Vietnamese as well as English. Between them, the team offers over 200 years of combined banking experience.
The announcement comes amid increasing consumer interest in international markets for future growth opportunities. A recent survey by HSBC Bank USA among affluent investors1 found that some 82 percent regarded emerging markets as a 'great investment opportunity'. While 66 percent said investing in global markets is the future of investing, and 79 percent were optimistic about the growth potential of these countries, this optimistic outlook outweighed their actual knowledge. As a result, 67 percent indicated they did not know enough about these markets to allocate their money there.
Similarly, the latest HSBC Business Confidence survey2 highlights increasing appetite among small businesses for global growth opportunities. The number of U.S. small businesses that indicated they will be involved in cross border trade and international activities in two years from now has jumped from 11 percent to 16 percent - a 45 percent expected increase.
Ashley Parker, New York City Regional President, HSBC Bank USA, N.A., said, "The William Street branch is the first HSBC branch in New York specifically designed to maximize global growth opportunities for both Premier and Business Banking customers. As a leading international emerging markets bank, HSBC Group has a dedicated Premier network in more than 40 countries and territories, providing Premier customers with both on-the-ground assistance and a wealth of local market insights."
According to Mark Luppi, Executive Vice President and Head of Business Banking for HSBC North America, "Although businesses recognize the challenges of doing businesses overseas, they also understand such activities can substantially increase annual revenues and diversify profit streams versus competitors that may remain domestically focused. The New Business Banking Center in our William Street branch will help our New York-based commercial clients manage foreign exchange risk and provide the local knowledge they need to start or continue their journey into other markets."
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About HSBC Bank USA
HSBC Bank USA, National Association http://www.us.hsbc.com, with total assets of $181 billion as of 31 December 2010 (US GAAP), serves around 4 million customers through its personal financial services, commercial banking, private banking, asset management, and global banking and markets segments. It operates more than 470 bank branches throughout the United States. There are over 370 in New York state as well as branches in Connecticut, Washington, D.C., Florida, New Jersey, Pennsylvania, Maryland, Virginia, California, Delaware, Illinois, Oregon and Washington State. 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 nation's largest bank holding companies by assets. HSBC Bank USA, N.A. is a member of the FDIC.
United States persons (including U.S. citizens and residents) are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts - including, for example, Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts ("FBAR")). U.S. persons should consult a tax adviser for more information.
HSBC in New York City
HSBC has had a presence in New York City since 1880 and was the second foreign bank in the City. Its current network extends to 116 branches across the five boroughs, with over 1400 locally employed staff. Branches offer language proficiency in the world's most widely spoken languages, including Chinese, Spanish, Hindi, Russian and Arabic as well as English.
- Neil Brazil
1 StrategyOne conducted a 15-minute telephone survey between January 11-21, 2011 among a total of 501 mass affluent respondents. To qualify for the survey respondents had to be between the ages of 25 - 64, have investable assets of $250,000 or more and must take part in the investment decision making process. The total sample of 501 respondents results in a confidence interval of +/-4.4%.
2 The survey was conducted by research company TNS in December 2010. In the U.S., the sample size included 300 small businesses with annual turnover less than USD30 million. The Small Business Confidence Monitor results were used to calculate an index ranging from 0 to 200 where 200 represents the highest confidence level, 0 represents the lowest, and 100, neutral.
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