HSBC North America Holdings

HSBC North America Holdings Inc. includes HSBC’s U.S. and HSBC Bank Canada. Its headquarters are located in Chicago, IL. The assets of the body total $547 billion as of March 31, 2009, which makes it one of the top ten financial institutions in the US. The HSBC Group’s parent public limited company HSBC Holdings is based in the UK and stands for one of the major financial establishments globally. The holding has 9500 offices in almost 90 countries all over the world. Its assets are worth the impressing $2,527 billion on 31 December, 2008. The structure provides personal financial services, credit cards, specialty insurance products, commercial banking, private banking, and global banking and markets.

HSBC Bank USA National Association is the key subsidiary of HSBC USA, a subordinate of the HSBC North America Holdings. The bank is controlled by the Office of the Comptroller of the Currency (OCC), Department of the Treasury. Although officially headquartered in Wilmington, Delaware, HSBC Bank USA’s main office is on Fifth Avenue, New York. The structure has over 470 branches in the US, most of which in the state of NY. Other locations include Florida, Connecticut, Pennsylvania, Washington, D.C., California, New Jersey, Maryland, Virginia, Delaware, Illinois, Oregon and Washington State. The bank offers retail and commercial banking services, comprising of lending, deposits, financial planning and residential mortgage loans in cooperation with its subsidiary HSBC Mortgage Corporation. The bank also accommodates long-distance customers with online banking called HSBC Direct. With this option, there is a higher yield to savings and payment accounts.

Another internationally-oriented service for personal banking is the HSBC Premier. It targets the wealthy, who travel often and need an effective and easy access to their accounts. The commercial banking services include deposits, loans, payments and cash supervision, corporate finance, insurance and investment management, merchant services, and risk advisory to NGOs, governmental units and private companies. HSBC offer insurance and personalized programs to company employees. In 2008, the HSBC Bank has been recognized as a philanthropic institution, after spending $28 million on social investment in education, environmental protection, community welfare and consumer protection.

Another subsidiary of the holding is the HSBC Finance Corporation, which is responsible for the issuance of credit cards. The body deals specifically with private label credit cards, financial services for taxpayers, real estate loans and specialty insurance. The Corporation is made up of Card and Retail Services, Consumer and Mortgage Lending, HSBC Insurance and Taxpayer Financial Services. The Card and Retail Services rate fifth among providers of Visa and MasterCard.

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