Household HSBC Watch

HSBC Bank USA, continuing its national expansion, is opening a new office in downtown Chicago to provide commercial and private banking services in the Windy City. The new office, located at the Hyatt Center, will provide commercial and commercial real estate loans, cash management services, and banking services for wealthy clients in Chicago. The bank hired a team of lenders and private bankers to oversee the effort. Its Wealth and Tax Advisory Services business already opened a Chicago office in May.

This is the bank’s first physical venture into the Chicago area, although the city is already familiar territory for the parent company. HSBC North America Holdings employs more than 6,000 in Illinois, including at its headquarters in Prospect Heights and in its various HSBC Finance subsidiaries. It has operations and workers in Deerfield, Elmhurst, Franklin Park, Mount Prospect, Schaumburg, Vernon Hills and Wood Dale.

But aside from serving its own employees, it has not actively provided lending or branch banking in Illinois until now.

“As HSBC has expanded in the U.S., we have focused on offering a full complement of banking services to our customers, and Chicago will be another great example of that effort,” HSBC Bank USA Chief Operating Officer Brendan McDonagh said in a press release.