Business Services Industry
Global bank HSBC pays up to get on map in New York; U.S. unit adds staff, branches, buys ads to deliver key market; city faces saturation.(Finance)
Crain's New York Business, May, 2005
Byline: Tom Fredrickson In places like beijing and Brussels, it's hard to miss the HSBC brand, given its nearly 4,000 branches sprawled across Asia and Europe. It's another story in New York City, where HSBC barely makes a ripple in a crowded market. Now HSBC Bank USA is taking aggressive steps to gain local visibility and add customers.
The bank will spend upward of $40 million this year to build branches, expand marketing and hire dozens of commercial and personal bankers here. The push builds on HSBC's $10 billion acquisition of Republic National Bank in 1999 and its $15 billion purchase of Household International two years ago. It's time for the bank to make a leap. HSBC, with assets of $112 billion, needs to get out of the shadow of New York market...
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