HSBC in Calif.: De Novos Now, Deals Later
Mandaro, Laura, American Banker
Having secured the No. 3 spot in the New York State market, HSBC USA Inc. is now looking to make its mark on the West Coast.
Like its expansion in the Northeast, which was seeded with the 1980 acquisition of Marine Midland Bank and solidified by the 1999 acquisition of Republic New York Corp., HSBC's California plans could include an acquisition.
Youssef A. Nasr, the president and chief executive officer of HSBC USA, has called California an "attractive market," and last week he told investors at a Keefe, Bruyette & Woods Inc. conference that it is looking to make acquisitions on the West Coast for cash.
But at least for now, its expansion will concentrate on opening branches in a market segment it knows well: the ethnic Chinese …
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Publication information: Article title: HSBC in Calif.: De Novos Now, Deals Later. Contributors: Mandaro, Laura - Author. Magazine title: American Banker. Publication date: May 13, 2002. Page number: 1. © 2009 SourceMedia, Inc. COPYRIGHT 2002 Gale Group.
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