HSBC Bank Plans to Open New Branches in Western New York

HSBC Bank wants to target new customers in the Western New York market. The company announced on Friday that it is planning to hire 300 employees to work in its 50 new retail branches.

Expansion plans come into force

HSBC is planning to open up new branches to create retail branches in its existing and new markets to grow its customer base further. The London-based based has already confirmed that it will open a new branch at 2911 Walden Avenue in Depew. After eight years HSBC opens a new branch on East Coast. The new office will be located alongside the existing operations of the company. Its customer service center is also based in the same locality.

HSBC Bank Plans to Open New Branches in Western New York

Another batch of local branches is in the works for the British bank. A release recently stated that the bank is “strongly” considering expansion in the Western New York region. It already has a workforce of 3,000 in the region and has strong relationships with local businesses. HSBC’s head of direct banking Katie Jenkins said that the bank is “back in growth mode” and employee presence led in Depew led it to choose the region.

Jenkins, who has recently moved here, said that people in the community want new branches to open. She said that there is ample demand to open a branch here, not just from the employees but from the community at large.

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A new beginning for the bank

Seven years ago, HSBC sold its Upstate New York and Buffalo retail franchise. The deal garnered $1 billion for the bank as First Niagara Financial Group Inc. took control of the two branches. However, the local banking market was shaken at the time as HSBC was the largest deposit holder in the region. First Niagara’s business also landed in hot water and was sold to KeyCorp in 2016.

It made space for new lenders in the region, but HSBC averted from opening new branches. It still had back-office functions and administrative operations in the Buffalo area. While the One HSBC Center was vacated, the company continued to occupy HSBC Atrium and the Walden Avenue offices.

Jenkins said that the Depew branch will open in the fourth quarter with seven full-time employees. However, she did not specify how many more branches the company is expected to open. The bank did not comment on its expansion efforts or the cost of expansion in this region.

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Viraj loves to write and express his views on anything related to Finance, Crypto, or Fintech. He has been covering Finance & Crypto for more than five years now. He likes Tesla. He also writes on Healthcare, and Technology among other stuff.

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