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Press Release
Northern Tool and HSBC – North America Extend Relationship with Exclusive Credit Alliance
12 October 2004
HSBC – North America Becomes Sole Provider of Private Label Financing for Northern Tool & Equipment Co.
PROSPECT HEIGHTS, Ill. –October 12, 2004 – HSBC - North America announced today that its business solutions group, the commercial arm of HSBC’s retail services business, has signed an exclusive private label financing agreement with Northern Tool & Equipment Co., a supplier of high quality products to consumers and businesses. The agreement strengthens HSBC – North America’s long-term relationship with Northern Tool.
HSBC’s retail services business, a leading issuer of private label (merchant branded) credit cards, has managed Northern Tool’s consumer financing program and a portion of its commercial program since 1994. Beginning with this new agreement, HSBC’s business solutions group will manage all of Northern Tool’s 137,000 commercial accounts.
“The extension of our agreement with Northern Tool to include its business-to-business financing program is a tribute to the success of our 10-year relationship,” said Brian Zempel, managing director for HSBC’s business solutions group. “Our menu of commercial credit products is designed specifically to create flexible, customized solutions for our clients and their customers.”
Through Northern Tool’s branded commercial private label credit program, customers will benefit from an open credit line, extended payment options, expense management, a rapid approval process and detailed purchase information.
“We’re very pleased to have HSBC’s business solutions group as our commercial credit partner,” said Rick Thonet, director of credit marketing for Northern Tool & Equipment Co. “We chose HSBC – North America because of its ability to establish comprehensive credit lines for our business-to-business customers, as well as their flexibility in building solutions for our specific needs.”
About Northern Tool
Headquartered in Burnsville, MN, Northern Tool & Equipment Company is a multi-channel supplier of high quality products to do-it-yourselfers and businesses including automotive shops, grounds maintenance professionals, contractors and more for over 22 years. Northern Tool’s diverse product line includes generators, small engines, pressure washers, hand, air and power tools, hydraulics, pumps, trailer parts, seasonal equipment, automotive supplies, and NorTrac tractors.
About HSBC Business Solutions
HSBC Business Solutions focuses specifically on the business-to-business financing needs of North American companies that operate through distributorships, catalogs, Internet and traditional retail stores. HSBC Business Solutions’ proprietary commercial platform is designed to deliver a successful credit program for its business clients, which include premier companies such as Best Buy, CompUSA, Costco, Menards and Sony.
About HSBC - North America
HSBC - North America includes all of HSBC's U. S. and Canadian businesses, including the former Household businesses, and has assets approaching $300 billion. The company’s businesses in North America serve more than 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit:www.hsbcnorthamerica.com
- Rick Thonet
- rickt@northerntool.com
- Northern Tool & Equipment Co.
- 952-894-9510
