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HSBC Opens New NRI Rep Office in Fremont, California

 

NEW YORK, Sep 28, 2007
BUSINESS WIRE

HSBC has opened a Non-Resident Indian (NRI)* representative office in Fremont, California. The objective is to make banking transactions more convenient for the NRI community based in California. This new location, headquartered at 39410 Fremont Blvd, Fremont, CA 94538, is a representative office of the Hong Kong and Shanghai Banking Corporation Limited in India (HSBC India).

The dedicated NRI office will facilitate personal financial services including remittances between India and USA, servicing HSBC India's NRI customers and serving as a conduit between NRIs and HSBC India to facilitate banking requirements.

A new banking solution for NRIs has also been announced by the HSBC Bank USA, N.A. (HSBC USA). This comprehensive solution allows the NRI community to conduct cross-border banking transactions and to choose from a variety of tailored deposit, mortgage and investment products. In addition to helping NRIs better facilitate their banking transactions in the US and India, the solution also offers the following benefits:

-- Assistance in account opening with HSBC India while in the US, and assistance in account opening with HSBC USA, while in India.

-- FastCheque - Free remittances to HSBC India from the US, at competitive exchange rates, by USD checks.

-- FastClick - Free remittances from the US to India through internet banking, whereby customers banking with both HSBC USA and HSBC India can remit monies to their NRI Accounts held with HSBC India, in a speedy and convenient manner.

-- Assistance in identifying a wide array of HSBC USA personal and commercial products.

"Today, there are 22 million Non-Resident Indians around the world who expect, and indeed demand, global banking expertise and the highest levels of service," said Manasije Mishra, Head of NRI Services, HSBC India. "Between the US and India, HSBC currently serves more than 160,000 NRI customers and the new joined-up solution with HSBC USA will make this process even more seamless."

"We believe in providing an appropriate and market-leading level of service to all our customers in the US and this new offering will ensure a seamless banking experience for the NRI community," said Brian Gregson, HSBC Senior Vice President, District Executive, California Region. "HSBC recognizes the specific needs of our global customers and this solution is designed to exceed those needs."

For more information on the services offered to the NRI community in the US, please log on to www.hsbc.co.in/1/2/personal/nri-services.

* A Non-Resident Indian (NRI) is a person of Indian nationality or Indian origin who is resident outside India. NRIs enjoy certain benefits bestowed on them by the Indian Government, and can open specially-designated NRI bank accounts in India.

About HSBC USA

HSBC USA has nearly 450 bank branches throughout the United States, with about 400 in New York State and a growing network of branches in New Jersey, Florida and California. The bank also has branches in Delaware, Washington, D.C., Washington state, Pennsylvania, and Oregon. It is the principal subsidiary of HSBC USA Inc., an indirectly-held, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC USA Inc. one of the nation's 10 largest bank holding companies by assets.

About HSBC India

The Hongkong and Shanghai Banking Corporation Limited in India offers a full range of banking and financial services to over 2.5 million customers through its 47 branches and 170 ATMs across 26 cities. HSBC is one of India's leading financial services groups, with over 27,000 employees in its banking, investment banking and capital markets, asset management, insurance broking, software development and global resourcing operations in the country. It is custodian to around 50% of the FII invested in India. More than 5% of India's exports and imports pass through HSBC India's banking channels. The asset management business in India has over US$ 4 bn AUM, and HSBC worldwide manages an additional US$ 8 bn invested in Indian equities. The Bank is at the forefront in arranging deals for Indian companies investing overseas and foreign investments into the country. It has a fully enabled and established insurance advisory of international standards. It is one of the leading players in domestic and export factoring, and one of the leading banks for an increasing number of SMEs. With its extensive reach across Asia, the Americas and Europe, HSBC has the capacity to offer complete banking and financial solutions to India's burgeoning economy.

It recently launched HSBC Pragati Finance, a consumer finance offering, and is already the second largest loan originator in most of the markets where this product is offered, in a short period of time.

HSBC's network of branches is located at Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Indore, Jaipur, Jodhpur, Kochi, Kolkata, Ludhiana, Lucknow, Mumbai, Mysore, Nagpur, Noida, New Delhi, Patna, Pune, Raipur, Trivandrum, Thane, Vadodara and Visakhapatnam.

SOURCE: HSBC

HSBC Bank USA Francine Minadeo, 212-525-8737 francine.v.minadeo@us.hsbc.com