News Release

HSBC Meets With New York City Community Leaders, Announces Ambitious Expansion of Community Development Programs

30 August 1999

New York – After discussions with a consortium of New York City nonprofit community development organizations, HSBC Bank USA announced today that it will double its CRA activity and impact after the bank's pending merger with Republic National Bank of New York.

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."