English | Español
News Release
HSBC Expands Embassy Banking Business in Referral Agreement with Wachovia
28 October 2005
WASHINGTON, D.C. - HSBC Bank USA, N.A., (NYSE: HBC) the U.S. banking unit of one of the world’s largest financial services companies, has entered into a referral agreement with Wachovia Corporation (NYSE: WB) to transfer and continue servicing that bank’s Embassy and Global Government Banking Business customers.
Wachovia has decided to exit its business serving embassies and government ministries and has notified its customers of that decision.
As part of the agreement, Wachovia is referring customers to HSBC and helping to transition their accounts. The majority of Wachovia’s Embassy and Global Government Banking Business management team will join HSBC.
Financial terms of the agreement were not disclosed.
HSBC entered the Embassy banking business and opened its first Washington, D.C. branch office in 2004. HSBC’s financial strength, international reach and cash management expertise creates an ideal solution for embassy and government customers around the world.
“The expansion of this business is a natural progression since our warmly received entrance into the market last year,” said Brendan McDonagh, chief operating officer of HSBC Bank USA, N.A. “Given HSBC’s global breadth of 9,700 offices in 77 countries and territories, we are well positioned to serve the needs of Embassy customers, both in the U.S. and in their home countries.”
About HSBC Bank USA, National Association:
HSBC Bank USA, N.A. has nearly 400 branches in New York State, a network of branches in Florida, California, New Jersey and Pennsylvania. The bank has one branch each in Delaware, Washington State, Oregon and Washington, D.C. It is the principal subsidiary of HSBC USA Inc, an indirectly-held, wholly-owned subsidiary of HSBC North America Holdings Inc., one of the nation's 10 largest bank holding companies by assets.
For more information about HSBC Bank USA and its products and services visit us.hsbc.com.
About HSBC Holdings plc:
HSBC Holdings plc serves more than 110 million customers worldwide through more than 9,700 offices of its subsidiaries and affiliates in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,467 billion at 30 June 2005, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank.'
Media Contacts
- Stephen Cohen
- stephen.e.cohen@us.hsbc.com
- Director, Group Public Affairs
- HSBC Bank USA, N.A.
- (212) 525-6901
