When it comes to banking services, the best place to go to find a branch of HSBC near me is the internet. The bank has branches around the world, and the website has a wealth of information. The website even offers directions to each branch. You can also call them to ask for more information about the services offered. HSBC also has branches nationwide. This article outlines the locations of HSBC branches and explains how to find the nearest branch.
HSBC’s customer base will shrink from 1.4 million to 300,000
HSBC Holdings PLC announced that it will stop serving mass-market individual customers in the United States and focus on growing in Asia and the rest of the world. The British bank has been struggling to compete with American banks and has agreed to sell 90 of its 148 U.S. branches. It plans to close 35 to 40 other branches. It has also agreed to sell parts of its business to two U.S. regional banks.
HSBC is the parent company of HSBC Bank USA, N.A., which operates branches in California, Washington, D.C., and Maryland. HSBC is a member of the FTSE 100 and the Hang Seng Indexes. HSBC also has secondary listings on the New York Stock Exchange and Bermuda Stock Exchange. While HSBC is a global financial institution, its reputation is marred by a series of scandals. The bank has been fined for tax avoidance schemes and money laundering.
Meanwhile, the global banking industry is moving away from branching out and investing in digital and mobile. The company made $1 billion in operating profit last year from its U.S. retail operations. This segment accounted for 13% of total customer loans and deposits, according to its most recent report. HSBC says that its exiting business is unlikely to disrupt its plans for growth in Asia.
The company also announced plans to sell more than half of its U.S. retail branches. The deal with Citizens Bank gives HSBC a chance to expand its presence in other strategic markets. Citizens Bank will add $9.2 billion in deposits and $2.2 billion in outstanding loans, according to its CEO Bruce Van Saun. In the United States alone, the deal adds $1.4 billion to the bank’s existing business.
It will sell most of its U.S. retail locations
HSBC Holdings PLC will cut most of its retail locations in the U.S., down to 58. The bank will wind down 35 to 40 of the remaining branches and convert them into international wealth management centers. The move is part of a repositioning of the bank from retail banking to one that focuses on the banking needs of high-net-worth clients.
It will continue to offer online and in-branch services
HSBC is reinvesting in its branch network by adding 40 percent of its new locations in low and moderate-income communities. The company is working with local community partners to foster inclusive economic growth. It has previously announced plans to open branches in Depew, New York, and Buffalo, New York. HSBC has established relationships with the communities around the banks’ locations, and employs nearly 3,000 people in Buffalo.
The bank is also refocusing its business operations in Asia, including Hong Kong and mainland China. This move will affect approximately 1.4 million customers in the United States. These customers will no longer have access to basic checking accounts with balances below $75,000 or those who have businesses with turnovers of less than $5 million. Customers with Jade or Premier accounts will continue to receive their services, though.
HSBC first expanded into U.S. retail banking in the 1980s, but has been attempting to back out of this strategy for over a decade. In 2011, the bank sold off nearly half of its U.S. branches and a portion of its profitable credit card division. In the same year, it settled a class-action lawsuit for more than $1 billion over its handling of subprime mortgages. The company now has 148 U.S. branches, including more than 140 online and virtual branch locations.
HSBC will retain online and in-branch banking services. The bank also plans to revamp some of its 69 branches. The majority of the branches are located in high-profile locations in London. These branches likely saw a decrease in footfall during the pandemic. It plans to provide free tablet devices for those who cannot afford a branch in their area. The bank also plans to remain a member of the Post Office network.
HSBC plans to exit the mass-market retail banking business by May 2021. It will sell its eastern and western U.S. mass-market accounts to Citizens Bank and Cathay Bank, which both operate in the U.S. and Asia. It also plans to continue to offer Premier Checking and Premier Savings accounts. Customers will be transferred to the new financial institution in the near future. HSBC is an international bank with branches in 64 countries. It was founded in Hong Kong on March 6, 1865.
HSBC has also launched a new customer education program called HSBC@Home. This program will educate customers about money management and online safety. It will also offer live virtual webinars that will focus on topics such as how to use digital services, money management, and online security. The aim of this initiative is to provide a wealth of knowledge for customers and to make the branch experience more efficient.
