Growth Rates for Upstate New York Based Global Companies Nearly Triple That of Domestic Peers; Outpaces U.S. GDP

  Growth Rates for Upstate New York Based Global Companies Nearly Triple That
  of Domestic Peers; Outpaces U.S. GDP

   **New research report reveals that a diversified overseas customer base
              increases revenue and buoys regional businesses**

Business Wire

NEW YORK -- January 29, 2013

International companies headquartered in Upstate New York have performed
significantly better than their domestic peers over the past five years,
according to a new report commissioned by HSBC Bank USA, N.A. (HSBC) and the
World Trade Center Buffalo Niagara. ‘HSBC Spotlight on U.S. Trade,’ the first
in a series of U.S. reports and analyses of publicly-traded companies in key
regions around the U.S., shows that between 2007-2011, global businesses based
in Upstate New York achieved almost three times the growth rates and earned
over 10 per cent more in revenue than domestic businesses in the area.

The inaugural HSBC Spotlight on U.S. Trade report was conducted to investigate
the impact of international trade on the top 30 publicly-held companies in
Upstate New York (Rochester, Syracuse, Buffalo-Niagara Falls, and the Capital
District) based on historical revenue data. Key findings from the report show
that Upstate New York businesses operating internationally are:

  *Growing revenue faster: Global companies in Upstate New York saw revenue
    grow at an average rate of 4.59 per cent from 2010 to 2011, while their
    domestic peers expanded by only 1.69 per cent over the same period.
  *Earning more: In 2011, global businesses earned $2.67 billion more in
    revenue than domestic businesses in the region.
  *Increasing the revenue gap: The gap between global and domestic companies
    has been widening since 2008, with global companies earning 13 per cent
    more in revenue on average over the last five years.

Kevin Quinn, HSBC’s Head of Corporate Banking for Upstate New York, said, “The
report’s findings are consistent with what we fundamentally believe at HSBC,
which is that an overseas customer base can insulate you from domestic market
fluctuations and helps harness the potential and growth of emerging global

Chris Johnston, President, World Trade Center Buffalo Niagara said, “Upstate
New York has a rich history and connection with international trade, dating
back to the construction of the Erie Canal. We advocate a continuation of that
tradition, which opens doors and allows our local business community to

As part of the report, researchers spoke with top executives from Columbus
McKinnon, Constellation Brands, Ecology and Environment, Inc., and Moog, who
shared their stories of expanding and operating overseas. The executives
offered advice for companies considering global development, universally
urging a prudent, measured approach to entering a new market. Gaining a deep
understanding of the culture, conducting thorough research and enlisting a
range of local experts were also common recommendations for companies thinking
of expanding overseas.

For further information or to download the full report, visit:

Media inquiries to Neil Brazil at 847-208-4319 or

Notes to editors:

HSBC Bank USA, National Association, with total assets of $196bn as of 30
September 2012 (US GAAP), serves 3 million customers through retail banking
and wealth management, commercial banking, private banking, asset management,
and global banking and markets segments. It operates more than 250 bank
branches throughout the United States. There are over 165 in New York State as
well as branches in: California; Connecticut; Delaware; Washington, D.C.;
Florida; Maryland; New Jersey; Pennsylvania; Oregon; Virginia; and Washington
State. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an
indirect, wholly-owned subsidiary of HSBC North America Holdings Inc. HSBC
Bank USA, N.A. is a member of the FDIC.

HSBC Holdings plc

HSBC Holdings plc (NYSE:HBC), the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide from around
6,900 offices in over 80 countries and territories in Europe, the Asia-Pacific
region, North and Latin America, and the Middle East and North Africa. With
assets of US$2,721bn at 30 September 2012, the HSBC Group is one of the
world’s largest banking and financial services organizations.

World Trade Center Buffalo Niagara is an international business development
organization that offers worldwide membership affiliation and helps companies
expand internationally, find new markets, and increase competitiveness. WTCBN
is part of a network of 300 World Trade Centers in over 100 countries and uses
its distinct consulting capabilities to strengthen the competitive
international position of companies in Western New York, the Southern Tier,
the Finger Lakes, and southern Ontario. Information online at


HSBC Bank USA, National Association
Media inquiries:
Neil Brazil, 847-208-4319
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