HSBC quietly expands U.S. presence

03/22/2010 | Wall Street Journal, The

HSBC Holdings opened 18 retail branches in the U.S. last year despite ongoing problems with its U.S.-based subprime business. The move comes as the bank plans additional locations this year. "We go into marketplaces where we have an immediate brand recognition," said Brendan McDonagh, HSBC's top executive in North America. "It's not just turning up and competing on price."

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