HSBC Bank USA NA Is A US-based Bank Of HSBC Group And Is A Principal Subsidiary Of HSBC USA Inc., Which Is Indirectly Owned By HSBC North America Holdings Inc., A Subsidiary Of HSBC Holdings Plc. HSBC Bank USA Has The Largest Treasury In The United States.
According To HSBC USA's Third Quarter Results, As Of The End Of September 2009, HSBC USA's Holdings Of Precious Metals Totaled US $8.587 Billion (approximately HK $66.978 Billion), An Increase Of US $2.226 Billion Or 35% From The End Of June.
History
HSBC Bank USA Originated From The Marine Midland Bank Established In 1850 And The Republic New York Corporation Established In 1966. When The Hongkong And Shanghai Banking Corporation Limited Was Established In 1865, It Had Already Established An Agency In San Francisco And Provided Full Service In 1875. In 1880, HSBC Opened A Branch In New York City. However, It Was Not Until The 1950s That HSBC Considered Establishing A Subsidiary In The United States. In 1955, HSBC Incorporated A Wholly Owned Subsidiary In California, Hongkong And Shanghai Banking Corporation Of California.
In The 1970s, Due To Limited Growth Opportunities For The Subsidiary, HSBC Acquired A 51% Stake In Marine Midland Bank In 1980 To Expand Its Business Scope, And Later Reduced The Business Of The California Subsidiary. In 1987, Marine Midland Bank Became A Wholly-owned Subsidiary Of HSBC. In 1995, The Hongkong And Shanghai Banking Corporation Limited And Hang Seng Bank Branches In New York City Were Merged Into Marine Midland Bank. In 1999, Marine Midland Bank Was Renamed HSBC Bank USA, In Line With HSBC Group's Unified Global Brand. Later In 1999, HSBC Acquired Republic New York Corporation And Merged Into HSBC Bank USA.
By 2000, HSBC Bank USA Had Several Branches In New York State And A Branch Network In Florida, California, New Jersey, Connecticut, Virginia, And Pennsylvania. In Addition, There Was One Branch In Delaware, Washington, Maryland, Oregon, And The Washington Area.
On May 26, 2021, HSBC Bank USA Announced That It Was Withdrawing From Personal And Small Business Banking In The United States. Of The 148 Branches In The United States, 90 Will Be Sold, While 35 To 40 Branches Will Be Closed, And Only 20 To 25 Physical Networks Will Be Retained As International Wealth Centers.
On May 26, 2021, Citizens Bank, A Subsidiary Of Citizens Financial Group, Purchased From HSBC Bank USA Its Retail Bank On The U.S. East Coast, Including 80 Branches Involving 800,000 Customer Accounts And Online Banking, Which Had Approximately $9.20 Billion In Deposits And $2.20 Billion In Outstanding Loans As Of The End Of March. On The Same Day, Cathay Bank Of Cathay General Bancorp Purchased From HSBC Bank USA 10 Of Its Retail Branches On The U.S. West Coast In California, Including 50,000 Customers With $1 Billion Deposits And Approximately $800 Million In Loans.
