HSBC launches commercial banking downtown
(Crain’s) — HSBC North America Holdings Inc. has fortified its downtown Chicago presence by opening a commercial and private banking office.
Commercial banking, cash management services and private banking services are being offered through a temporary office at 277 W. Monroe St. and will relocate to permanent space in December at the Hyatt Center, 71 S. Wacker Drive, the company said.
By then, the commercial real estate lending unit should be established and operating out of the Chicago office, said Stephen Cohen, a spokesman for HSBC, which has its North American headquarters in Prospect Heights.
The office, which will staff around a dozen people, joins the wealth and tax advisory business HSBC opened downtown in May.
- You May Also Like
- Suggested Searches
“This is the latest part of the way we’re expanding in the United States,” Mr. Cohen said. “It is an opportunity to bring all that we excel at into this market.”
For banks that want to capture the attention and business of the Chicago corporate community, having a downtown location is imperative.
Fifth Third Bank relocated its local headquarters to downtown from Rolling Meadows in January because having an office in the heart of the city gave the perception of being a player in commercial lending, said Terry Zink, president and CEO in Chicago for Fifth Third Bancorp, which is based in Cincinnati.
“We wanted to be viewed as a major player in Chicago,” he said.
While HSBC and Fifth Third Bank join the ranks of lenders already downtown, Mr. Zink says there is enough business to go around.
“Right now, Chicago has about 282 banks, but maybe only 10 of them can do the large commercial stuff,” he said.
Aimee Daniels was named senior vice-president and commercial executive to oversee the commercial banking operations for HSBC in Chicago. She was previously a partner in change of sales and marketing at Cap X Partners, a Chicago-based lender, and was senior vice-president of LaSalle Bank’s downtown office.
Chris Hamilton is leading HSBC’s cash management services for the downtown office. He previously worked for LaSalle Bank, where he was in charge of large and middle-market companies.
David Pateros was named managing director for HSBC’s private bank serving the central region. He was previously managing director for Citigroup’s private banking office in Chicago.
