HSBC 2002 Annual Report Download - page 26

HSBC HOLDINGS PLC
Description of Business (continued)
24
United States
At 31 December 2002, HSBC Bank USA had assets
of US$89 billion and deposits of US$59 billion and
was the eleventh-largest US commercial bank,
ranked by total assets, and the third-largest
depositary institution in New York State, serving
over two million customers.
HSBC Bank USA is engaged in general
commercial banking business. Through HSBC Bank
USA, HSBC has the largest branch network in New
York State, where it has over 400 branches, as well
as two branches in Pennsylvania, eight in Florida and
three in California. Selected commercial and
consumer banking products are offered on a national
basis, including mortgage servicing to over 3,000
brokers and 48 states. At 31 December 2002, HSBC
Bank USA’s customer base included more than 2.3
million personal and 190,000 commercial and
institutional customers.
As a result of the acquisition of RNYC in
December 1999, HSBC provides the fifth-largest
factoring service in the US. The acquisition also
helped to double assets under administration and
greatly enhanced HSBC’ s global treasury and foreign
exchange businesses. HSBC is now also a world
leader in banknotes and precious metals trading.
Through its participation in the joint venture
Wells Fargo HSBC Trade Bank with Wells Fargo
Bank, HSBC offers trade-related financing
throughout the western US. Through HSBC’s
international network, HSBC Bank USA offers its
customers access to the global markets and services
of HSBC.
HSBC Bank USA also has a considerable
presence and is the largest lender to corporations in
Panama with 15 branches.
As part of its strategy of providing customers
with multiple choices for product and service
delivery, HSBC Bank USA offers a comprehensive
internet banking service. At 31 December 2002,
more than 405,000 customers had registered for the
service, up from approximately 275,000 at 31
December 2001. The HSBC Bank USA web site,
us.hsbc.com, where customers can apply for
accounts, conduct financial planning and link to
online services, receives approximately 50,000 visits
daily.
In 2002, hsbc.com, HSBC’s internet
development facility based in New York, launched
business applications in Asia, North America and
Europe; implemented an improved internet service
for Global Treasury and Capital Markets customers;
launched new web sites for Group businesses in
North America and Europe; and provided a global
service for processing internet credit card
transactions. hsbc.com made significant progress in
fulfilling its mission of providing a common
presentation layer / browser capability for all
HSBC’s global products and services. This e-channel
delivery program, when completed, will provide
HSBC’s customers with access to all Group products
in all the countries and territories in which HSBC has
a presence, as well as reducing costs through the
economies of a single technical platform.
Considerable infrastructural work was also
successfully completed in 2002, providing the
foundation for migrating all existing systems and
applications to this platform over the next 5 years.
Canada
HSBC Bank Canada had assets of US$22 billion as
at 31 December 2002 and was the seventh-largest
bank in Canada. With over 160 branches and
subsidiary offices and a staff of over 4,900, HSBC
Bank Canada’s operations are customer-driven and
integrated both across service and product lines and
through HSBC's international network. HSBC Bank
Canada offers a wide range of products and services
to targeted customer segments. As at 31 December
2002, HSBC Bank Canada had approximately
890,000 customers across all business segments.
Through HSBC’s international network, HSBC Bank
Canada has a strong market share of Asian banking.
HSBC has the largest market share in Canada for
Import Documentary Credits and ranks second based
on industry statistics as compiled by the Canadian
Bankers’ Association for the 12 months ended 31
October 2002 in terms of combined Import/Export
Documentary Credits.
In 2002, HSBC Bank Canada was rated highest
for overall quality of customer service among the
banks included in the ‘2002 Customer Service
Index’ , an independent study conducted annually by
Market Facts of Canada. HSBC Bank Canada
introduced ‘clientConnect’ , a sales and service
initiative designed to improve client relationships.
The bank also completed the rollout of a Call
Management strategy, designed to remove routine