HSBC North America Holdings (a subsidiary of the British HSBC Holdings plc) was established in 2004. It composed of all of HSBC’s U.S. and Canadian operations not to mention HSBC Finance Corporation and HSBC Bank USA, N.A. as it still does today. HBSC North America Holdings Inc. is one of the largest financial service groups in the USA to date, with total assets of $557 billion, serving nearly 68 million customers.
The HSBC Group is one of the world’s largest banking and financial services businesses and is based in London.
History of the HSBC Bank Group
- 1980 - The Hongkong and Shanghai Corporation (established 1865) acquired 51% of shares of the Marine Midland Bank of New York. By 1987, the Hongkong and Shanghai Corporation fully owned the Marine Midland Bank of New York.
- 1998 - Marine Midland was rebranded as HSBC.
- 1999 – HBSC acquired the Republic National Bank, New York, resulting in the HSBC Head Office being relocated to 452 Fifth Avenue from the HSBC centre in Buffalo.
- 2003 – HSBC acquired Household International, due to a merger was renamed HSBC Finance Corporation.
HSBC Corporate Structure
Reporting into HSBC North America Holdings Inc. is the wholly owned subsidiary HSBC USA Inc. which is currently one of USA’s largest bank holding businesses (ranked within the top 10 by assets).
The main subisdiaries of HSBC USA Inc. are HSBC Bank USA, N.A. and HSBC National Bank USA. Collectively these banks operate throughout the United Staes with just under 500 branches to date and growing.
HSBC Operations
HSBC North America Holdings Inc. provides a wide range of banking and financial services to cater for the diverse needs of their customers. The services range from the typical services required for personal banking through to the complex banking and financial products required for global commercial clients.
HSBC Personal Financial Services
A broad range of personal financial products and services are provided including:
- Installment and revolving term loans
- Deposit
- Branch service
- Mutual fund
- Investment
- Insurance
- Residential Mortgage Lending
- HSBC Direct, the bank’s on-line banking business, offers high-yield savings, payment accounts and CDs
- HSBC Premier is a global personal banking service that provides seamless international banking capabilities. This service targets mass affluent and internationally mobile consumers.
HSBC as a Commercial Bank
HSBC provides comprehensive domestic and international services and banking products for companies, government departments and non-profit organisations. Clients are provided with a dedicated manager who is able to draw upon HSBC’s network of financial specialists worldwide.
HSBC offers broad range of commercial financial products and services are provided including:
- Insurance
- Investment products
- Deposits
- Lending & leasing
- Payments and cash management
- Trade and supply chain
- Corporate finance
- Global markets and risk advisory
- Professional insurance
- Employee benefits products
- Personal banking for company employees
Global Banking and Markets
HSBC provides tailored financial solutions in the area of emerging markets with focus on financing products to major government, corporate and institutional clients worldwide.
Private Banking
HSBC provides a range of financial management and advisory services for high net worth individuals and families including:
- Tailored lending
- Banking
- Liquidity management
- Investment services
- Custody services
- Wealth planning
- Trust and fiduciary services
- Insurance
- Family wealth and philanthropic advisory services.