News Release

HSBC Announces Plans to Expand Washington, D.C. Area Banking Operations

Bank appoints Dominic O’Hagan as Regional President

21 August 2006

NEW YORK - HSBC USA Inc., the U.S. banking operation of one of the world's largest financial services companies, today announced plans to expand its Washington, D.C.-area business.

HSBC opened its first branch in Washington, D.C. on Connecticut Avenue in late 2004, and has been actively expanding its commercial banking, government and embassy banking businesses. In addition to its Connecticut Avenue branch, HSBC has outlets within the British and French embassy complexes.

HSBC plans to begin adding retail branches in the fourth quarter of 2006 and throughout 2007. The bank plans to open up to 12 branches in the next year.

"Washington's internationalism is a perfect match for HSBC, which does business in 76 countries and territories around the globe," said Brendan McDonagh, chief operating officer of HSBC Bank USA, N.A. "HSBC's presence around the world uniquely positions us to serve the international needs of business and personal customers in and around Washington, D.C."
 
To lead the expansion of HSBC in Washington, D.C., Maryland and Virginia, HSBC has appointed Dominic O'Hagan executive vice president and regional president for the Mid Atlantic region. In his new role, O'Hagan will have responsibility for the bank's retail and commercial operations in Washington, D.C., Maryland, Virginia and Pennsylvania.  O'Hagan takes up the post of regional president effective Oct. 1. He will report to McDonagh.

O'Hagan joined HSBC in 1988 and has worked in the U.S., Asia and the Middle East in roles covering commercial banking, corporate banking, personal banking, international trade finance and risk management. He is currently chief operating officer of Wells Fargo HSBC Trade Bank, an equity joint venture between HSBC and Wells Fargo.

O'Hagan's appointment follows the hiring of Carol Richardson as senior vice president and district executive, Ned Muskie as senior vice president, government and institutional banking. and Thomas Neale as senior vice president and commercial executive. Richardson, most recently group vice president for Chevy Chase Bank, is responsible for the retail business in D.C., Maryland and Virginia. Muskie, who joined from Wachovia heads up the Government and Embassy Banking business. Neale, who also joined in 2005 from Wachovia, is responsible for development of the commercial business in the region. Anthony Marquez heads the bank's commercial real estate operations in the Washington, D.C.

HSBC's Wealth and Tax Advisory Services unit, counts offices in Baltimore, McLean, Va. And Philadelphia among its 11 locations. The unit is one of the largest national independent tax advisory firms and specializes in individual and business entity tax compliance and consulting.

Media Contacts

• Stephen Cohen
• stephen.e.cohen@us.hsbc.com
• HSBC - North America
• 212-525-6901