March 02, 2015 2:04 PM ET

Banks

Company Overview of HSBC Bank USA, N.A.

Company Overview

HSBC Bank USA, N.A. provides commercial banking products and services to individuals, corporations, institutions, and government agencies. It offers personal financial services, including installment and revolving term loans, deposits, branch services, mutual funds, investments, and insurance, as well as residential mortgage lending services through direct retail and wholesale origination channels. The company also provides private banking services for high net worth individuals and families, including deposits, tailored credit and banking, investment management, trust and estate administration, custody, and retirement services, as well as wealth and tax advisory, philanthropy, family office...

1800 Tysons Boulevard

Suite 50

Mclean, VA 22101

United States

Founded in 1850

Phone:

716-841-7212

Fax:

716-841-2034

Key Executives for HSBC Bank USA, N.A.

Chief Financial Officer and Senior Executive Vice President
Age: 65
Head of Corporate Investments Banking & Markets (CIBM) for North America, Chief Executive Officer of Hsbc Usa Inc and Head of Group Audit - Hsbc Holdings Plc
Age: 51
Chief Executive Officer of HSBC North America
Age: 55
Chief Executive Officer of HSBC Securities
Executive Vice President and Regional President of Upstate Retail Banking
Compensation as of Fiscal Year 2014.

HSBC Bank USA, N.A. Key Developments

SPDR Gold Trust Engages HSBC Bank plc as Custodian in Place of HSBC Bank USA, National Association, with effect from December 22, 2014

On November 21, 2014, the effective date of December 22, 2014 was established for a novation agreement between HSBC Bank USA, National Association (the Outgoing Party), HSBC Bank plc (the Incoming Party) and The Bank of New York Mellon, as trustee (the Trustee) of the SPDR Gold Trust (the Trust). The Novation Agreement, among other things, replaces the Outgoing Party with the Incoming Party as a party to the First Amended and Restated Unallocated Bullion Account Agreement dated as of June 1, 2011 with the Trustee, and the Allocated Bullion Account Agreement dated as of June 1, 2011 with the Trustee, with the Incoming Party to have all of the rights and obligations of the Outgoing Party under such agreements. As a result of the Novation Agreement, the Incoming Party will become the custodian of the Trust's Gold.

NCUA Sues HSBC Bank USA NA over Alleged LIBOR Manipulation

HSBC Bank USA NA and the other U.S. dollar LIBOR panel banks, were named in October as defendants in a lawsuit filed by the NCUA board, in its capacity as liquidator for several failed credit unions seeking unspecified damages as a result of alleged artificial suppression of U.S. dollar LIBOR rates between August 2007 to May 2010. The NCUA alleges that the suppression resulted in the failed credit unions receiving substantially less interest income in connection with certain investments and interest rate swaps tied to U.S. dollar LIBOR. The filing stated that the action has been consolidated with the U.S. dollar LIBOR multidistrict litigation proceeding pending in the U.S. District Court for the Southern District of New York. HSBC Holdings Plc and HSBC Bank Plc are defendants in that proceeding as well. The action is subject to a stay imposed by the court. The filing also indicated that on Oct. 29, the Southern District of Florida granted final approval of the class settlement in the Diaz v. HSBC Bank USA NA, et al. action.

HSBC Bank USA Faces Suit over Alleged Role in Sale of Death Bonds

HSBC Bank USA for $250 million over the lender's alleged role in SLS Capital's sale of so-called 'death bonds'. The complaint filed in the U.S. District Court in Manhattan alleged that the lender ignored signs of suspicious activity carried out by late British entrepreneur David Elias through Keydata Investment Services, an investment vehicle he controlled. HSBC served as a custodian of life insurance policies that backed bonds sold by SLS Capital, according to the suit. The bonds were falsely marketed as safe.

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