HSBC Meets With New York City Community Leaders; Announces Ambitious Expansion of Community Development Programs.NEW YORK--(BUSINESS WIRE)--Aug. 30, 1999-- After discussions with a consortium of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. nonprofit community development organizations, 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 announced today that it will double its CRA See Community Reinvestment Act. activity and impact after the bank's pending merger with Republic National Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. . Leadership from HSBC Bank and Republic National Bank met with several member organizations of the Association for Neighborhood and Housing Development on August 11, 1999. As a result of their discussions, HSBC Bank USA will expand its support for community development and neighborhood revitalization initiatives through loan allocations, grant support, and small business and mortgage lending. "We are extremely pleased that our discussions with the ANHD membership resulted in such a positive outcome," said Malcolm Burnett, president and chief executive officer, HSBC Bank USA. "We believe that strengthening our partnership with ANHD and other community groups will enable us to further our commitment to serving neighborhoods throughout the New York City area." "HSBC is proposing a variety of banking solutions that are tailored to the individual needs of our City's low to moderate income neighborhoods," said Irene Baldwin, executive director, Association for Neighborhood & Housing Development, Inc. "We are excited by the Bank's expanded presence in New York City and we believe these enhanced programs will allow HSBC to work productively with a wide range of diverse community organizations towards a common goal of neighborhood revitalization." About HSBC Bank USA: HSBC Bank USA is a New York State banking institution with 373 branches in New York, and two in Pennsylvania. 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 Holdings plc (NYSE NYSE See: New York Stock Exchange : HBC HBC a definition for medical records to denote 'hit by car'. ) which is headquartered in London. With over 5,000 offices in 79 countries and territories and assets of $497 billion at June 30, 1999, the HSBC Group is one of the world's largest banking and financial organizations. About Republic National Bank: Republic National Bank is the main subsidiary of Republic New York Republic New York Corporation was the holding company for the Republic National Bank of New York and the Safra Republic Bank. The company was controlled by billionaire Edmond Safra, who was killed in a fire in his Monte Carlo penthouse apartment in 1999. Corporation which is being acquired by HSBC early in the fourth quarter pending shareholder and regulatory approval. About ANHD: The Association for Neighborhood and Housing Development is an umbrella organization of eighty-two NYC non-profit housing developers and operators and community organizing groups. ANHD provides a unified voice for New York community housing groups, bringing them together to pursue progressive affordable housing policies and programs serving low and moderate income neighborhoods. The following ANHD member organizations participated in the discussions with HSBC Bank: Abyssinian Development Corporation, Asian Americans for Equality, Bridge Street Development Corporation, Cypress Hills LDC LDC See: Less developed countries LDC See less developed country (LDC). , Fifth Avenue Committee, Good Old Lower East Side, Harlem Congregations for Community Improvement, Hope Community, Los Sures, Manhattan Valley Development Corp., Mid-Bronx Development, Neighbors Helping Neighbors, Northeast Brooklyn Community Housing Development Corp. and Urban Homesteading Assistance Board. |
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