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Management Changes at HSBC Bank USA N.A.

NEW YORK -- Paul Lawrence has been appointed president and chief executive officer of HSBC Bank USA, N.A. and HSBC USA Inc. effective immediately. He succeeds Sandy Derickson, who is leaving the HSBC Group.

Lawrence, currently head of Corporate, Investment Banking and Markets (CIBM), North America, will retain that role and have dual reporting lines to Michael Geoghegan, Group CEO and Stuart Gulliver, head of CIBM and Group Investment businesses globally. Lawrence joined HSBC in 1982 as an executive trainee. He has held positions in the United Kingdom and Hong Kong, as well as acting as a credit manager for two years for the then Marine Midland Bank in New York, beginning in 1985. Lawrence was appointed CEO of HSBC in the Philippines in 1999 and CEO of HSBC Singapore in 2002, and was named a Group general manager in August 2005.

Derickson joined Household International (now HSBC Finance Corporation) in September 2000 as managing director and CEO of the company's retail services business. Prior to joining HSBC, Derickson spent 24 years at GE Capital. She was promoted to group executive at HSBC Finance Corporation in 2002 and to vice chairman in April 2004.

Derickson said: "In light of the management changes at HSBC, I have decided that this is a good time for me to take a long-desired break from work so that I have more time for my own interests and my family."

Commenting on Derickson's departure, Paul Lawrence said: "We appreciate all that Sandy has done for HSBC and respect her desire for more time with her family. We wish her well."
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Publication:Business Wire
Date:Feb 22, 2007
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