HSBC Establishes HSBC National Bank USA In Maryland To Aid In U.S. Expansion.WILMINGTON, Del. -- HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) USA Inc., the U.S. banking unit of one of the world's largest financial services companies, has established HSBC National Bank USA, a new, nationally chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission domiciled in Maryland to facilitate continued organic growth in the U.S. HSBC National Bank USA is a first-tier subsidiary of HSBC USA Inc. and a sister bank to HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , N.A., HSBC USA Inc.'s primary operating unit. The new national bank charter, granted by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and approved by appropriate regulatory agencies, will aid HSBC in growing its bank footprint. "For the past two-and-a-half years, we have been growing our banking business throughout the United States," said Brendan McDonagh, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of HSBC USA Inc. "The establishment of HSBC National Bank USA will help in continuing our expansion into markets that fit strategically with our ongoing growth effort." HSBC began an organic growth strategy in 2004, and has since added branches throughout New York, New Jersey, Florida, California, Washington, D.C. and Pennsylvania. HSBC recently established a commercial banking office in Chicago and plans to open its first Connecticut branch in November. HSBC National Bank will offer a full range of products and services, and will offer account services to customers of HSBC Bank USA, N.A.. HSBC National Bank's main office is located at Air Rights Center, 7315 Wisconsin Ave., Bethesda, Maryland. The office is open to the public and accepts deposits and loan applications as well as offers check cashing services. About HSBC USA Inc. HSBC USA Inc. is the holding company for HSBC Bank USA, N.A., HSBC National Bank USA and other U.S. banking subsidiaries, which together have a U.S. branch network of more than 430 branches in nine states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , with nearly 400 branches in New York State. These entities serve more than 3 million U.S. individual and corporate customers and offers a full range of banking products and services. HSBC USA Inc. is an indirectly held, wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of HSBC North America Holdings Inc., one of the nation's 10 largest bank holding companies by assets. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion