HSBC plans to push commercial lending for UK, US trade
(Bloomberg) — HSBC Holdings Plc, Europe’s biggest bank by market value, is seeking to increase revenue from trade between the US and UK by attracting 100 new corporate clients.HSBC plans to add staff to its so-called international business centres in both countries to support demand from a new six-month marketing push, said John Rendall, chief operating officer for commercial banking in Europe.
“The US is the number one trade partner with the UK and as it turns out, it is number one for our new business referrals,” Rendall said in an interview yesterday. “Businesses of all sizes in the UK are becoming more international. We don’t see that reversing.”
The bank is targeting firms with annual revenue of at least $1 million ($1.9 million), he said. HSBC has set up eight units around the world this year to process applications from companies seeking to trade in new overseas markets.
US companies account for about 40 percent of applications for new business accounts at the UK processing unit, said Rendall.
