HSBC to Expand Bank in the US and on the Web

HSBC will expand its Florida, California and New York branch networks starting this year and begin promoting an Internet banking service nationwide, a top U.S. executive with the bank said on Friday.

HSBC Bank USA President and Chief Executive Officer Martin Glynn, speaking at the Reuters Banking Summit, said the bank plans to open more branches in Manhattan and the New York metropolitan area, joining the retail bank frenzy in that market.

Glynn also said the bank will have 25 to 30 Florida branches, up from 11 now, and expand its California network to between 15 and 20, up from eight, within the next two years.

In addition, Glynn said the bank plans to launch an Internet banking account that will solicit deposits across the United States, not unlike the direct banking service offered by Dutch financial giant ING Group.

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