News Release

HSBC Bank USA Announces Executive Promotions

28 September 2000

HSBC Bank USA (NYSE: HBC) today announced it has promoted the following individuals to executive vice presidents, effective immediately:

Commercial Banking

The following executives report to Buffalo-based Alexander (Sandy) Flockhart, senior executive vice president, Commercial Banking, and will remain in New York City:

• Douglas Stolberg, executive vice president, Corporate & Institutional Banking. He was previously senior vice president, Corporate Banking;
  
• Richard DeZego, executive vice president, Commercial Real Estate, with responsibilities in the metro New York City, Long Island, Westchester and mid-Hudson area. He previously served as Republic National Bank of New Yorks executive vice president of the Commercial Real Estate division;
  
• John Heffer, remains president, HSBC Business Credit (USA) Inc., and is now executive vice president, HSBC Bank USA. He was formerly president, HSBC Business Credit (USA) Inc.;
  
• Mark Hershey, executive vice president, Commercial Middle Market, and acting regional president of the branches in New York City, Pennsylvania and Florida. He was formerly managing director.
  

Corporate & Institutional Banking

The following executives report to Douglas Stolberg, executive vice president, Corporate & Institutional Banking, and will remain in New York City:

• Michael Gallagher, executive vice president, Payments & Cash Management Sales. He was previously senior vice president, Global & Institutional Banking;
  
• Joseph Harpster, executive vice president, Institutional Banking & Payment Operations. He previously served as managing director of Institutional Banking and Payments and Cash Management.
  

Domestic Private Banking

The following executives report to Leslie E. Bains, senior executive vice president, Domestic Private Banking;

• David L. Fried, executive vice president, Insurance, HSBC Bank USA. In addition to his new role, Fried continues to serve as president of HSBC Insurance Agency (USA) Inc. and HSBC Reinsurance (USA) Inc., subsidiaries of HSBC Bank USA. He also continues to serve as president of Marmid Life Insurance Company, a subsidiary of the bank's U.S. holding company, HSBC USA Inc. He was formerly senior vice president, HSBC Bank USA. He will remain based in Buffalo;
  
• Dianne LaBasse, executive vice president, Domestic Private Banking. She was formerly senior vice president, Domestic Private Banking. She will remain in New York City;
  
• Richard Vartabedian, executive vice president, Asset Management. He was formerly the organization's chief investment strategist. He will remain in New York City.
  

Credit

The following executives report to George Wendler, senior executive vice president, Credit, who is based in New York City:

• Callum Hiscock, executive vice president, Treasury Credit. He was formerly senior vice president, Treasury Credit. He will remain in New York City;
  
• Gerald A. Nagle, executive vice president, Special Credits. He was formerly senior vice president, Special Credits. He will remain in Buffalo;
  
• Robert Treanor, executive vice president, Credit (New York). He formerly served as managing director. He will remain in New York City.

Administration

• Nick Calabro, executive vice president, Information Technology. He was formerly president of Republic Services Corporation. Nick will report to Rob Muth, senior executive vice president, Administration, and will be based in Buffalo and New York City.
  

"I am pleased to announce these executive promotions. These individuals have been key contributors to the organization and they will continue to be instrumental in further developing HSBC's portfolio of products and services," said Youssef Nasr, president and chief executive officer, HSBC Bank USA.