DOCSLIB.ORG

Husi-Final-2013-10K.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Husi-Final-2013-10K.Pdf UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2013 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-7436 HSBC USA Inc. (Exact name of registrant as specified in its charter) Maryland 13-2764867 (State of incorporation) (I.R.S. Employer Identification No.) 452 Fifth Avenue, New York 10018 (Address of principal executive offices) (Zip Code) (212) 525-5000 Registrant’s telephone number, including area code Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Depositary Shares (each representing a one-fourth share of Adjustable Rate Cumulative Preferred Stock, Series D) New York Stock Exchange $2.8575 Cumulative Preferred Stock New York Stock Exchange Floating Rate Non-Cumulative Preferred Stock, Series F New York Stock Exchange Depositary Shares (each representing a one-fortieth share of Floating Rate Non-Cumulative Preferred Stock, Series G) New York Stock Exchange Depositary Shares (each representing a one-fortieth share of 6.5% Non- Cumulative Preferred Stock, Series H) New York Stock Exchange $100,000,000 Zero Coupon Callable Accreting Notes due January 15, 2043 New York Stock Exchange $50,000,000 Zero Coupon Callable Accreting Notes due January 29, 2043 New York Stock Exchange $50,000,000 Zero Coupon Callable Accreting Notes due May 7, 2043 New York Stock Exchange $50,000,000 Zero Coupon Callable Accreting Notes due June 17, 2043 New York Stock Exchange ELEMENTS Linked to the S&P Commodity Trends Indicator - Total Return due June 16, 2023 New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company (Do not check if a smaller reporting company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of February 21, 2014, there were 713 shares of the registrant’s common stock outstanding, all of which are owned by HSBC North America Inc. DOCUMENTS INCORPORATED BY REFERENCE None. HSBC USA Inc. TABLE OF CONTENTS Part/Item No. Part I Page Item 1. Business: Organization History and Acquisition by HSBC..................................................................................... 4 HSBC North America Operations ........................................................................................................... 4 HSBC USA Inc. Operations .................................................................................................................... 4 Funding.................................................................................................................................................... 6 Employees and Customers ...................................................................................................................... 7 Regulation and Competition.................................................................................................................... 7 Corporate Governance and Controls ....................................................................................................... 17 Item 1A. Risk Factors ............................................................................................................................................... 18 Item 1B. Unresolved Staff Comments...................................................................................................................... 30 Item 2. Properties ................................................................................................................................................... 31 Item 3. Legal Proceedings...................................................................................................................................... 31 Item 4. Submission of Matters to a Vote of Security Holders................................................................................ 31 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities ........................................................................................................................................ 32 Item 6. Selected Financial Data.............................................................................................................................. 32 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations: Forward-Looking Statements .................................................................................................................. 35 Executive Overview ................................................................................................................................ 36 Basis of Reporting ................................................................................................................................... 39 Critical Accounting Policies and Estimates............................................................................................. 41 Balance Sheet Review ............................................................................................................................. 49 Results of Operations .............................................................................................................................. 54 Segment Results - IFRSs Basis ............................................................................................................... 64 Credit Quality .......................................................................................................................................... 72 Liquidity and Capital Resources ............................................................................................................. 89 Off-Balance Sheet Arrangements, Credit Derivatives and Other Contractual Obligations .................... 94 Fair Value................................................................................................................................................. 96 Risk Management.................................................................................................................................... 99 New Accounting Pronouncement to be Adopted in Future Periods........................................................ 117 Glossary of Terms.................................................................................................................................... 118 Consolidated Average Balances and Interest Rates................................................................................. 120 Item 7A. Quantitative and Qualitative Disclosures about Market Risk.................................................................... 122 Item 8. Financial Statements and Supplementary Data.......................................................................................... 122 Selected Quarterly Financial Data (Unaudited)......................................................................................... 242 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.................... 243 Item 9A. Controls and Procedures ............................................................................................................................ 243 Item 9B. Other Information ...................................................................................................................................... 243 Part III Item 10. Directors, Executive Officers and Corporate Governance......................................................................... 246 Item 11. Executive Compensation ..........................................................................................................................
Load more

Recommended publications
  • NACD Public Company Full Board Members
    NACD Public Company Full Board Members: Rank | Company Rank | Company Rank | Company Rank | Company A.O. Smith Corp. Analog Devices Bridge Housing Corporation Clearwire Corp. AAA Club Partners Ansys, Inc. Briggs & Stratton Corp. Cliffs Natural Resources Inc. AARP Foundation Apogee Enterprises, Inc. Brightpoint, Inc. Cloud Peak Energy Inc. Aastrom Biosciences, Inc. Apollo Group, Inc. Bristow Group Inc. CME Group Acadia Realty Trust Applied Industrial Technologies, Broadwind Energy CoBiz, Inc. ACI Worldwide, Inc. Inc. Brookdale Senior Living Inc. Coherent, Inc. Acme Packet, Inc. Approach Resources, Inc. Bryn Mawr Bank Corporation Coinstar, Inc. Active Power, Inc. ArcelorMittal Buckeye Partners L.P. Colgate-Palmolive Co. ADA-ES, Inc. Arch Coal, Inc. Buffalo Wild Wings, Inc. Collective Brands, Inc. Adobe Systems, Inc. Archer Daniels Midland Co. Bunge Limited Commercial Metals Co. Advance Auto Parts ARIAD Pharmaceuticals, Inc. CA Holding Community Health Systems Advanced Energy Industries, Inc. Arkansas Blue Cross Blue Shield CACI International, Inc. Compass Minerals Aerosonic Corp. Arlington Asset Investment Corp. Cal Dive International, Inc. Comverse Technology, Inc. Aetna, Inc. Arthur J. Gallagher & Co. Calamos Asset Management, Inc. Conmed Corp. AFC Enterprises, Inc. Asbury Automobile Cameco Corp. Connecticut Water Service, Inc. AG Mortgage Investment Trust Inc. Aspen Technology, Inc. Cameron ConocoPhillips Agilent Technologies Associated Banc-Corp.5 Campbell Soup Co. CONSOL Energy Inc. Air Methods Corp. Assurant, Inc. Capella Education Co. Consolidated Edison Co. Alacer Gold Corp. Assured Guaranty Ltd. Capital One Financial Corp. Consolidated Graphics, Inc. Alaska Air Group, Inc. ATMI Capstead Mortgage Corp. Consolidated Water Co., Ltd. Alaska Communication Systems Atwood Oceanics, Inc. Cardtronics, Inc. Continental Resources, Inc. Group, Inc. Auxilium Pharmaceuticals Inc.
    [Show full text]
  • Conditional Approval 1031
    O Comptroller of the Currency Administrator of National Banks Licensing Department 250 E Street, S.W. Washington, D.C. 20219 April 6, 2012 Conditional Approval #1031 May 2012 C. Andrew Gerlach, Esq. Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004-2498 Re: Application by First Niagara Bank, National Association, Buffalo, New York to purchase certain assets and assume certain liabilities of HSBC Bank USA, National Association, McLean, Virginia Application Control Number: 2011-NE-02-0026 Dear Mr. Gerlach: The Office of the Comptroller of the Currency (“OCC”) hereby conditionally approves the application by First Niagara Bank, National Association, Buffalo, New York (“FNB” or “Applicant”), to purchase certain assets and assume certain liabilities of HSBC Bank (USA), National Association, McLean, Virginia (“HSBC”). This approval is granted after a thorough evaluation of the application, other materials you have supplied, and other information available to the OCC, including commitments and representations made in the application and by Applicant’s representatives during the application process. This approval is also subject to the condition set out herein. Background FNB filed an application with the OCC to purchase certain assets and assume deposits and certain other liabilities of HSBC (“P&A Transaction”).1 The P&A Transaction includes FNB’s acquisition of certain branches; each branch subject to acquisition is located in either New York or Connecticut. FNB’s main office is located in New York and it currently has branches located in both New York and Connecticut. The P&A Transaction would be entered pursuant to a Purchase Agreement between FNB and HSBC.
    [Show full text]
  • Registration Document Dated 30 March 2021
    REGISTRATION DOCUMENT DATED 30 MARCH 2021 HSBC HOLDINGS PLC (a company incorporated in England with registered number 617987; the liability of its members is limited) This document (which expression shall include this document and all documents incorporated by reference herein) has been prepared for the purpose of providing disclosure information with regard to HSBC Holdings plc (the "Issuer") and has been approved by the Financial Conduct Authority (the "FCA") as a registration document ("Registration Document") for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("EUWA") (the "UK Prospectus Regulation") for the purpose of providing the information with regard to the Issuer of debt or derivative securities during the period of twelve months after the date hereof. The FCA has only approved this Registration Document as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation Rules sourcebook in the FCA Handbook. Such an approval should not be considered an endorsement of the Issuer that is the subject of the Registration Document. This Registration Document is valid for a period of twelve months from the date of approval. This Registration Document includes details of the long-term and short-term credit ratings assigned to the Issuer by S&P Global Ratings UK Limited ("S&P"), Moody's Investors Service Limited ("Moody's") and Fitch Ratings Limited ("Fitch"). Each of S&P, Moody's and Fitch is established in the United Kingdom and registered under Regulation (EU) No 1060/2009 on credit rating agencies as it forms part of the domestic law of the United Kingdom by virtue of EUWA (the "UK CRA Regulation").
    [Show full text]
  • RICE's DERBY CHOICE JOURNAL 2012 33St Edition
    RICE’S DERBY CHOICE JOURNAL 2012 33st Edition “Now there is a languor … I am fulfilled and weary. This Kentucky Derby, whatever it is — a race, an emotion, a turbulence, an explosion–is one of the most beautiful and violent and satisfying things I have ever experienced. And, I suspect that, as with other wonders, the people one by one have taken from it exactly as much good or evil as they brought to it… I am glad I have seen and felt it at last.” ‐John Steinbeck (1956) Copyright © 2012 Tim Rice All Rights Reserved 1 I think you will soon agree with me that there is a great deal more annoyance and vexation in race horses than real pleasure.” - August Belmont writing to his son August Belmont, Jr. Rare was the voting-age American ignorant of that colossus, Secretariat, and his supra- equine achievement in the third leg of the 1973 Triple Crown. That thirty-one length score, in still world record time for a mile and a half, completed the colt’s sweep of the three-year-old classic fixtures. He was acclaimed from sea to shining sea including the covers of Time, Newsweek, and Sports Illustrated. And, no small task that because 1973 was not without many headline grabbers including the Watergate Hearings and the departure of the last U.S. soldier from Viet Nam. Of lesser note were the declaration of Ferdinand Marcos as President for Life of the Philippines, the sale of the New York Yankees to George Steinbrenner for ten million dollars, and O.J.
    [Show full text]
  • Approval of Proposal by First Niagara Financial Group to Become a Bank
    FEDERAL RESERVE SYSTEM First Niagara Financial Group, Inc. Buffalo, New York Order Approving Formation of a Bank Holding Company and Notice to Engage in Nonbanking Activities First Niagara Financial Group, Inc. ("FNF Group"), a savings and loan holding company that owns First Niagara Bank ("FN Bank"), both of Buffalo, a federal savings bank, and its subsidiary, First Niagara Commercial Bank ("FNC Bank"),1 Lockport, all of New York, has requested the Board's approval to become a bank holding company by acquiring another bank holding company. [Footnote 1. FNC Bank is a state-chartered bank that accepts only municipal deposits. Although FNC Bank is a "bank" for purposes of the Bank Holding Company Act of 1956, as amended ("BHC Act"), FNF Group is not treated as a bank holding company. FNF Group controls FNC Bank pursuant to section 2(a)(5)(E) of the BHC Act, 12 U.S.C. § 1841(a)(5)(E), which exempts a company from treatment as a bank holding company if the state-chartered bank or trust company is owned by a thrift institution and only-accepts deposits of public money. End footnote 1.] FNF Group also has requested approval to operate FN Bank as a subsidiary savings association until it becomes a subsidiary bank on its conversion to a national bank. Specifically, FNF Group has requested approval under section 3 of the BHC Act2 [Footnote 2. 12 U.S.C. § 1842. End footnote 2.] to merge with Harleysville National Corporation ("Harleysville") and thereby acquire Harleysville National Bank and Trust Company ("Harleysville Bank"), both of Harleysville, Pennsylvania.
    [Show full text]
  • Consenting Financial Institutions November 2019
    Consenting Financial Institutions November 2019 ➢ 1st MidAmerica Credit Union ➢ Chelsea State Bank ➢ A2B2 LLC ➢ Chestnutz ➢ Academy Bank ➢ Cheviot Savings Bank ➢ Ally Bank ➢ Circle Bank ➢ Ally Capital ➢ Citibank ➢ Amalgamated Bank ➢ Citizens Bank* ➢ American Agricultural Bank ➢ Citizens Business Bank ➢ American River Bank* ➢ City National Bank ➢ American West Bank ➢ City of Hartford ➢ America's Christian Credit Union ➢ City of Providence Dept. of Planning and ➢ Ameriprise Financial Development ➢ Ameritas Investment Partners ➢ Colorado Structures, Inc.* ➢ ANB Bank ➢ Community First Credit Union ➢ Bank Hometown ➢ Community State Bank ➢ Bank of America* ➢ Connecticut Innovations ➢ Bank of Ann Arbor ➢ Corporation ➢ Bank of Kirksville ➢ CT Dept. of Economic & Community ➢ Bank of New York Mellon Development ➢ Bank of Sullivan ➢ CTBC Bank Corporation ➢ Bank of the West* ➢ CW Capital ➢ Bank Rhode Island ➢ DECD* ➢ Bankwell ➢ Deutsche Bank* ➢ Banner Bank ➢ Dime Bank ➢ BB&T* ➢ District of Columbia Housing ➢ BBCN Bank ➢ Eagle Bank ➢ Berkshire Bank* ➢ Exchange Bank* ➢ BMO Harris Bank ➢ Fairfield County Bank* ➢ Bremer Bank ➢ Farm Credit East ➢ Bridge Bank ➢ Farmington Bank* ➢ Brookline Bank ➢ Fifth Third Bank* ➢ Business Lenders LLC ➢ First Bank of Boulder* ➢ Byzantine Diocese of Stamford ➢ First Bank of Illinois ➢ CAB Associates ➢ First Bank of Lake Forest ➢ California Bank and Trust* ➢ First Citizens Bank & Trust ➢ California Plan of Church Finance, Inc ➢ First Community Bank* ➢ Calmwater Capital ➢ First County Bank* ➢ Capital Region Development
    [Show full text]
  • Investment-Banking Relationships: 1933-2007∗
    Investment-Banking Relationships: 1933-2007∗ Alan D. Morrison, Aaron Thegeya, Saïd Business School, International Monetary Fund University of Oxford Carola Schenone, William J. Wilhelm, Jr., McIntire School of Commerce, McIntire School of Commerce, University of Virginia University of Virginia October 4, 2013 ∗We are grateful to Ron Burt, Zhaohui Chen, Brian Coulter, Leora Friedberg, Mike Gallmeyer, Bill Greene, Anna Kovner, Pedro Matos, Hamid Mehran, Stavros Peristiani, Chris Yung and seminar participants at the Federal Reserve Bank of New York, William & Mary and the Oxford University Centre for Corporate Reputation 2013 Symposium for helpful comments. Paul Bennett, Steve Wheeler, Janet Linde (New York Stock Exchange), Tom Nicholas (Harvard Business School), and the staff at the Mudd Library (Princeton University) provided generous assistance in gaining access to the historical data. Patrick Dennis provided valuable programming assistance and Brendan Abrams, Ye Feng, Vaibhav Kapoor, Thomas Knull, Qiao Ma, Mary Weisskopf, and David Wilhelm provided excellent research assistance. We gratefully acknowledge financial support from the Oxford Centre for Corporate Reputation (Morrison and Thegeya); the Ledford Faculty Fellowship at the McIntire School of Commerce (Schenone); and the Walker Fund and the King Fund for Excellence at the McIntire School of Commerce (Wilhelm). Investment-Banking Relationships: 1933-2007 Abstract We use a unique dataset of underwritten securities offerings and their syndicate composition from 1933-1969, together with similar data for 1970-2007 from SDC, to study long-run trends in investment-bank relationships with their clients, and with one another. The degree to which issuers conditioned upon prior relationship strength when selecting an investment bank declined steadily after the 1960s.
    [Show full text]
  • Bank Credit Research
    BANK CREDIT RESEARCH WEEKLY RATINGS LIST Banks Securities Firms Country Ceilings November 17, 2008 Published weekly by Moody’s Investors Service New York • Tokyo • London • Paris • Sydney • San Francisco • Frankfurt • Madrid • Dallas • Toronto Hong Kong • Singapore • Limassol • São Paulo • Milan • Mexico City • Beijing • Buenos Aires • Taipei Chicago • Johannesburg • Jersey City • Boston • Seoul • Moscow • Mumbai • Prague • Jakarta • Dubai Moody’s Investors Service • 1 • Moody’s Investors Service • 2 • Table of Contents Global Bank Ratings. 5 Global Bank Ratings by Country. 36 Government Bonds & Country Ceilings . 71 Global Banks by Rating . 74 Global Banks by Financial Strength Ratings . 75 Bank Preferred Stock Ratings. 108 Securities Industry Ratings . 115 Moody’s Investors Service • 3 • Moody’s Investors Service • 4 • Global Bank Ratings - Alphabetic by Ultimate Parent November 17, 2008 [1] LT Bank Financial [2] Long-term Debt Issuer [3] Short- [4] Outlook Deposits Strength Senior Subord. Rating term AB BANKAS SNORAS RUR Ba3 D- NR — — NP AB UKIO BANKAS RUR Ba3 D- — — — NP ABANKA VIPA D.D. STA A3 D+ — — — P-2 ABH FINANCIAL (ALFA) — — — — — — — Alfa MTN Markets Limited STA — — Ba1 — — NP Alfa-Bank STA Ba1 D+ — Ba2 — NP Alfa Bank Ukraine STA B2 E+ Ba3 — — NP Alfa-Bank Kazakhstan STA Ba3 E+ — — — NP ABN AMRO HOLDING N.V. STA — — (P)Aa3 (P)A1 — — ABN AMRO Bank N.V. STA(m) Aa2 B- Aa2 Aa3 Aa2 P-1 ABN AMRO Bank N.V. (Argentina) STA Caa1 — — — — NP ABN AMRO Bank N.V. London Branch DEV — — Aa2 — — — ABN AMRO Bank N.V., Australian B STA — — Aa2 — — P-1 ABN AMRO Bank N.V., Chicago STA Aa2 — — Aa3 — — ABN AMRO Bank N.V., Paris STA Aa2 — — — — P-1 ABN AMRO Bank N.V.,Montevideo Br STA(m) B2 — — — — NP ABN AMRO North America Fin Inc.
    [Show full text]
  • Presentation to Fixed Income Investors
    HSBC Holdings plc and HSBC Bank Canada September 2010 Presentation to Fixed Income Investors www.hsbc.com www.hsbc.ca Disclaimer and forward-looking information This presentation, including the accompanying slides and subsequent discussion, contains certain forward-looking information with respect to the financial condition, results of operations and business of HSBC Holdings plc, together with its direct and indirect subsidiaries including HSBC Bank Canada and HSBC Securities (Canada) Inc. (the "HSBC Group" or “HSBC”). This forward-looking information represents expectations or beliefs concerning future events and involves known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Additional detailed information concerning important factors that could cause actual results to differ materially is available in the Annual Reports and Accounts of HSBC Holdings plc and HSBC Bank Canada for the year ended December 31, 2009, as well as the HSBC Bank Canada Second Quarter 2010 Report to Shareholders and the HSBC Holdings plc Interim Report 2010 for the period ended June 30, 2010. Past performance cannot be relied on as a guide to future performance. Please see www.hsbc.com and www.hsbc.ca for further information. This material is for information purposes only. HSBC Holdings plc is not a reporting issuer in Canada and is not permitted, by itself or through a nominee or agent, to engage in or carry on any business in Canada, except as permitted by the Bank Act (Canada). The material is intended for your sole use and is not for general distribution and does not constitute an offer or commitment, a solicitation of an offer or commitment to enter into or conclude any transaction or to purchase or sell any financial instrument.
    [Show full text]
  • Improving Small Business Lending in the Rochester NY Community
    #AllTogetherNow: Improving Small Business Lending in the Rochester NY Community WRITTEN BY: BARBARA VAN KERKHOVE, PhD. EMPIRE JUSTICE CENTER BOARD OF DIRECTORS JoAnn Smith (Chair) Raymond Brescia, Esq. (Vice Chair) Rivera Carey PLLC Albany Law School Kristen Clark CPA, FHFMA (Treasurer) Deborah P. Amory, Ph.D (Secretary) The Bonadio Group Empire State College Odette Belton, Esq. John P. Bringewatt, Esq. Monroe County Public Defender Harter Secrest & Emery LLP Tehresa Coles Maureen DeRosa The AYCO Company Albany Nancy Engelhardt L. Theresa Macon Energeia Partnership at Molloy College Rochester David Tennant, Esq. Emily Whalen, Esq. Nixon Peabody Brown & Weinraub All directors serve as volunteers. EMPIRE JUSTICE CENTER LEADERSHIP Anne Erickson, President & CEO Bryan Hetherington, Chief Counsel Kristin Brown, Vice President Kristi Hughes, Vice President Lori McCormick, Chief Financial Officer ABOUT EMPIRE JUSTICE CENTER Empire Justice Center is a statewide, public interest law firm with offices in Albany, Rochester, White Plains, Yonkers and Central Islip (Long Island). Empire Justice focuses on changing the “systems” within which poor and low-income families live. With a focus on poverty law, Empire Justice undertakes research and training, acts as an informational clearinghouse, and provides litigation backup to local legal services programs and community based organizations. As an advocacy organization, Empire Justice engages in legislative and administrative advocacy on behalf of those impacted by poverty and discrimination. As a non-profit law firm, Empire Justice provides legal assistance to those in need and undertakes impact litigation in order to protect and defend the rights of disenfranchised New Yorkers. #AllTogetherNow 2 TABLE OF CONTENTS I INTRODUCTION 3 II PURPOSE OF REPORT AND STRUCTURE 5 III AGGREGATE ANALYSIS 5 A.
    [Show full text]
  • Sale of Upstate New York Retail Branches to First
    Abc 18 May 2012 SALE OF UPSTATE NEW YORK RETAIL BRANCHES TO FIRST NIAGARA COMPLETES ***Branches sold for a consideration of US$0.9bn*** ***HSBC to retain commercial banking operations in the Upstate NY market*** On 31 July 2011, HSBC announced that its wholly-owned subsidiary HSBC Bank USA, N.A. and other wholly-owned subsidiaries, had agreed to sell 195 retail branches, primarily in Upstate New York1, to First Niagara Bank, N.A. (“First Niagara”)2. The sale to First Niagara completed today. Consideration received, based on figures at 30 April 2012, was approximately US$0.9bn3. At 30 April 2012, the branches held approximately US$14.5bn in deposits and over US$4bn of brokerage and insurance assets under management. As at 30 April 2012 the branches had outstanding loans to customers of US$2.2bn. HSBC Bank USA, N.A. remains committed to serving and further developing corporate banking relationships in Upstate New York, including the provision of a full suite of international commercial banking offerings, including trade and cash management products and services. Media enquiries to: Chicago Neil Brazil +1 847 208 4319 [email protected] Investor Relations enquiries to: London Guy Lewis +44 (0)20 7992 1938 [email protected] Robert Quinlan +44 (0)20 7991 3643 [email protected] Hong Kong Hugh Pye +852 2822 4398 [email protected] ends/more Notes to editors: Registered Office and Group Head Office: This news release is issued by 8 Canada Square, London E14 5HQ, United Kingdom Web: www.hsbc.com HSBC Holdings plc Incorporated in England with limited liability.
    [Show full text]
  • “Unlucky in Affairs of Business….” Turning Points in the Life of Lorenzo
    “Unlucky in affairs of business….” Turning Points in the life of Lorenzo de Medici Harry Don Stephenson, Jr. Faculty Advisor: Thomas Robisheaux, Ph.D. Fred W. Schaffer Professor of History History Department November 2015 This project was submitted in partial fulfillment of the requirements for the degree of Master of Arts in the Graduate Liberal Studies Program in the Graduate School of Duke University. Copyright by Harry Don Stephenson, Jr. 2015 i Contents Abstract ………………………………………………………………………………………………………………………………….…iii List of Tables and Figures ……………………………………………………………………………………………………….…iv Acknowledgements …………………………………………………………………………………………………………………..v Introduction ………………………………………………………………………………………………………………………………1 Chapter One: Banking in Fifteenth Century Italy………………………………………………………………………. 5 Chapter Two: Family Tree ………………………………………………………………………………………………………...12 Chapter Three: Lorenzo in Rome – 1466 ………………………………………………………………………………….. 30 Chapter Four: The Pazzi Conspiracy- April 1478 ………………………………………………………………………. 36 Chapter Five: The Pazzi War – 1479-1480 ………………………………………………………………………………….50 Chapter Six: Restoration with Rome - 1488 …………………………………………………………………………….. 59 Chapter Seven: Conclusion ……………………………………………………………………………………………………… 66 Bibliography ii Abstract The Medici family name is inextricably tied to Florence and the Italian Renaissance. For three hundred and fifty years, through twelve generations, the Medici lived in, work in, and to a considerable degree ruled the city. No Medici name rises higher in recorded history than Lorenzo di Piero de’ Medici. Lorenzo il Magnifico is remembered as a patron of the arts, poet, humanist, diplomat and savior of Florence during the Pazzi War. His legacy as a competent banker, manager and caretaker of the family business empire is sadly much less triumphant. Through the “quirks of genealogical fortune”, including a string of untimely deaths of male members of the Medici, Lorenzo found himself to be the sole owner of the Medici Bank in its sixth decade of business.
    [Show full text]