HSBC Bank USA, National Association , a US subsidiary of HSBC based in the United Kingdom, is a bank with its operations headquarters in New York City and its headquarters in McLean, Virginia (as specified in its charter). HSBC Bank USA, N.A. is a national bank hired under the National Bank Act, and is thus regulated by the Office of Financial Oversight (OCC), part of the US Treasury. The company has 230 branch locations.
Video HSBC Bank USA
Histori
In 1980, The Hongkong and Shanghai Banking Corporation acquired a 51% stake in the Marine Midland Bank of New York State, headquartered in Buffalo, New York and extended to full ownership in 1987. The banks continued to operate under the name of Marine Midland until 1998, when the offices were re-branded as HSBC Bank.
In 1994, Marine Midland acquired the Spectrum Home Mortgage, which operates in eight states. In 1995, Marine Midland acquired the United Northern Federal Savings Bank, with branches in Watertown and Lowville, New York. Marine Midland also acquired 6 retail branches of HSBC New York City, and next year two branches of Hang Seng Bank in New York City.
In the same year, Marine Midland acquired 11 branches of the East River Savings Bank in the New York Metropolitan area. Marine also acquired US dollar clearing business from JPMorgan Chase. At the same time, HSBC transfers 2 branches in the northwestern United States to HSBC Bank Canada. The following year, Marine completed the acquisition of Canada's First Federal Savings and Loan from Toronto-based Trust, for $ 620 million. The First Federal Savings, headquartered in Rochester, has $ 7.2 billion in assets, 1,600 employees, 79 retail branches in New York State and 15 mortgage origination offices in 9 states.
In 1998, Marine Midland acquired First Commercial Bank of Philadelphia, which owns $ 90 million in assets and $ 78 million in deposits in two branches and focuses on the Asian-American community, for $ 23.75 million.
In 1999, the company acquired the New York Republic for $ 10.3 billion and moved its headquarters from One HSBC Center in Buffalo to what is now the HSBC Tower, Midtown Manhattan on Fifth Avenue.
In 2004, HSBC USA sold two new branches in New York to Gloversville based on City National Bank & Trust Co. HSBC does not have the nearest branch sufficient to provide economies of scale.
In July 2011, the company sold its subsidiary in northern New York to First Niagara Financial Group for $ 1 billion.
In December 2012, HSBC paid a $ 1.9 billion fine for laundering more than $ 881 million in drug cartels and violating anti-terrorism sanctions.
In 2015, the company paid $ 30 million to settle a lawsuit regarding overdraft charges.
In 2016, the Office of Financial Currency Supervision imposes a $ 35 million penalty on the company for deceptive billing practices.
Maps HSBC Bank USA
Controversy
In 2010, HSBC was rated the worst in customer advocacy by Forrester Research, which asked bank customers to rank their banks. In a national survey of about 4,500 banking customers who rated the top 50 banks, in answer to the question: "My financial provider did what was best for me, not just its own bottom line," HSBC set new all-time lows with 16%, 10 % below the previous year. In 2012, the US government found "a massive failure to implement appropriate anti-money laundering controls in facilitating the laundering of at least $ 881 million in drugs through the US financial system"
References
External links
- HSBC Bank USA website
- "The Senate report criticized HSBC for inadequate internal control" by Brady Dennis, The Washington Post , July 16, 2012
Source of the article : Wikipedia
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