Press Release

Changes for HSBC's West Coast Operations

Wang To Head Up West Coast For HSBC

12 March 2003

New York – HSBC Bank USA today announced that Eddie Wang has been appointed Executive Vice President, Asian and West Coast Banking. Wang is responsible for HSBC's US West Coast operations, including its branch network, as well as for Asian Banking strategy across North America. He will have joint functional-reporting relationships to Martin Glynn, Chief Operating Officer, HSBC North America, for his North American Asian business responsibilities, and to Jeff Dowle, Executive Vice President, North America, for his US West Coast responsibilities. Wang replaces John Lam, who will assume new responsibilities within the bank.

"Im delighted to welcome Eddie back to North America," said Dowle. "His many years of experience both here and in Asia will prove to be invaluable as HSBC continues to grow on the US West Coast."

"Given Eddies extensive experience in China, he will be able to provide an unparalleled level of insight and expertise to our customers who have business interests in China," Glynn noted.

Wang has spent much of his career with HSBC. He joined the Hong Kong and Shanghai Banking Corporation in Hong Kong in 1973 and has held a variety of senior positions, including a posting to HSBC in Canada from 1987 to 1990. He took charge of the Banks China operations as Senior Manager, China, in 1994, and directed the rapid expansion of HSBCs mainland network. In 1997, he was appointed Chief Executive, China Business, and led the relocation of HSBCs China head office from Hong Kong to Shanghai in May 2000.

Wang graduated from the Chinese University of Hong Kong in 1972 with a Bachelors degree in Business Administration.

Seattle and Portland Offices Now Part of HSBC Bank USA

In a second West Coast announcement, HSBC also communicated that it had aligned its West Coast operations and completed the transfer of two US commercial offices, located in Portland and Seattle, from HSBC Bank Canada.

As part of HSBC Bank USA, the offices can now offer their commercial customers a wider range of products and services. This includes certain commercial and retail products, such as personal checking and savings, as well as Premier, HSBCs pre-eminent relationship package, which includes an array of banking and investment privileges. Deposit accounts will now be covered by FDIC insurance.

"HSBCs West Coast reach now extends from Los Angeles to Seattle," noted Wang. "We believe that this expanded presence will prove to be a benefit to customers with regional banking needs."

HSBC's Seattle office is located at 600 University Street; phone number is 206-233-0888. The Portland office is located at 601 S.W. 2nd Avenue; phone number is 503-242-1199.