HOW TO SERVE LEGAL PAPERS ON HSBC BANK

Investment bank and financial services conglomerate HSBC Holdings PLC is based in the United Kingdom. With total assets of USD 2.984 trillion as of December 2020, it would be Europe’s second-biggest bank. The Hongkong and Shanghai Banking Corporation created HSBC in London in 1991 to serve as a new group holding company, and the name HSBC is derived from the initials of that firm. In 1865, the Hongkong and Shanghai Banking Corporation established offices in Shanghai, and in 1866, the company was officially formed.

BACKGROUND ON HSBC BANK

In Africa, Asia, Oceania, Europe, North America, and South America, HSBC has a wide influence, with approximately three thousand branches and around forty million clients globally. It also has offices in Europe, North America, and South America. By the end of 2014, Forbes magazine ranked it as the sixth-largest public business in the world. The Financial Stability Board considers it to be a systemically important bank.

To capitalize on the booming trade with China, Thomas Sutherland established the Hongkong and Shanghai Bank in British Hong Kong on March 3rd, 1865, and in Shanghai a month later. An Ordinance of Hong Kong’s Legislative Council established The Hongkong and Shanghai Banking Corporation on August 14, 1866. HSBC bought a 51% stake in Marine Midland Bank in the United States in 1980, and then went on to fully control the bank in 1987. The Hongkong and Shanghai Banking Corporation Limited was renamed by the Legislative Council in an update to its governing legislation initially passed in 1929 and registered as a regulated bank with the then Banking Commissioner of the Government of Hong Kong on 6 October 1989.

After being established in England and Wales, HSBC Holdings plc became the parent holding company of The Hongkong and Shanghai Banking Corporation Limited, which is now a subsidiary of the UK-based Midland Bank, in order to prepare for the acquisition of the Midland Bank and the impending transfer of sovereignty of Hong Kong to China. As of 1992, HSBC Holdings had acquired Midland Bank, giving it a significant market share in the UK. HSBC Holdings plc was obliged to move its global headquarters from Hong Kong to London in 1999 as part of the purchase terms.

There have been many controversies surrounding HSBC throughout the course of its existence, including the Sinaloa cartel and money laundering. A cost-cutting exercise at HSBC that included the sale of non-profitable companies and the centralization of its worldwide structure had an adverse effect on the compliance department. HSBC is not the only bank guilty of this blunder. For years, banks like Standard Chartered (SCBFF) have had to pay fines for facilitating transactions with rogue nations like Iran, Libya, Sudan, and Myanmar that violated the Office of Foreign Asset Control’s (OFAC’s) sanctions.

HSBC supplied drug gangs with money-laundering services totaling USD 881 million, including the Sinaloa cartel in Mexico and the Norte del Valle cartel in Colombia. Massive financial transfers were placed without any supervision from the bank’s Mexican branch into the U.S. It also carried out business with Iran, attempting to hide its dealings with the nation by deleting any references to it. The bank has also been penalized for putting up massive tax evasion schemes. HSBC has assets under custody of USD 8.5 trillion in 2019 and assets under administration of over USD4 trillion in 2020, respectively.

PRINCIPAL BUSINESS GROUPS AND DIVISIONS

 Four business units make up HSBC: [A.] Commercial Banking, [B.]  Global Bank and Markets (investment banking), [C.] Retail Banking and Wealth Management, and [D.]  Global Private Bank. Global Private Banking would then proceed to merge with Retail Banking & Wealth Management in 2020, creating what would be known as Wealth & Personal Banking.

COMMERCIAL BANKING: SMBs and middle-market companies may get help from HSBC’s financial services. Among the more than two million clients served by the company is everyone from single proprietors to partnerships to nonprofits to corporations to publicly traded enterprises. HSBC announced in December 2015 that Noel Quinn will replace Simon Cooper as the Commercial Banking division’s CEO. 

GLOBAL BANKING AND MARKETS: HSBC’s investment bank is called Global Banking and Markets. Among the services, it offers corporate and institutional customers are investment banking and financing products such as leveraged acquisition finance and payment and cash management services, as well as capital markets. Additionally, it offers asset management services, as well as services in the stock market, credit and interest rates, and the foreign exchange and money markets

GLOBAL PRIVATE BANKING:   HSBC Private Bank is the brand name under which the major HSBC private banking subsidiaries throughout the globe advertise their private banking services. Together with HSBC Trinkaus’ private banking operations, HSBC Private Bank offers services to high-net-worth households in forty countries and territories in Europe, Asia-Pacific, the Americas, the Middle East, and Africa via 93 locations. The bank’s assets under management (AuM) fell by 4% from 2013 to US$382 billion, according to the Scorpio Partnership Global Private Banking Benchmark 2014. 

HSBC stated in September 2008 that it will consolidate its two Swiss private banks, HSBC Guyerzeller and HSBC Private Bank, into a single legal company in 2009 under Alexandre Zeller, the newly appointed CEO of HSBC Private Bank. 

RETAIL BANKING AND WEALTH MANAGEMENT: A broad variety of personal financial services are offered by HSBC to its more than 54 million clients across the globe. These services include current and savings accounts as well as loans for mortgages and cars. Personal Financial Services used to be referred to as Retail Banking and Wealth Management (RBWM) (PFS). HSBC 2011 Investor Day was where the rebranding announcement was made.

SUBSIDIARIES OF HSBC BANK

HOW TO SERVE LEGAL PAPERS ON HSBC ABSOLUTE RETURN PORTFOLIO LLC

HSBC Absolute Return Portfolio LLC is a foreign limited liability company that filed for registration with the Department of State on 14th June 2002. However, in its capacity as a foreign limited liability company, the entity was actually formed on 20th May 2002 under Delaware jurisdiction.  The entity retains CT Corporation System in Albany as a registered agent for New York City Process Service. 

HOW TO SERVE LEGAL PAPERS ON HSBC AFS (USA) LLC

The HSBC AFS (USA) LLC is a subsidiary group of the HSBC Bank that filed for incorporation with the Department of State on November 12th 1007 in the county of New York. The entity itself is classified as a Domestic Limited Liability Company that falls under New York jurisdiction for New York City Process Service guidelines to be used.  

New York City Process Service needs to be rendered on the  Secretary of State as an agent of a domestic limited company since the HSBC AFS (USA) LLC does not have a registered agent on record for New York City Process Service. However, New York Process Service was to be done also by serving the entity at the address of their Office of General Counsel. If New York City Process Service is not rendered on the counsel, it may be done by serving the New York Secretary of State. 

Consequently, New York City Process Service can be sufficiently done by personally delivering to and leaving with the Secretary of State duplicate copies of such  New York City Process Service with the statutory fee, at the Albany office of the Department of State. The  Department of State then needs to send one of these copies by certified mail in accordance with New York City Process Service with the return receipt requested, to the HSBC AFS (USA) LLC at the address on file in the Department of State.

HOW TO SERVE LEGAL PAPERS ON HSBC DEVELOPMENT 12345 LLC

When HSBC Development 12345 LLC filed for Department of State incorporation on 8th May 2019, the county of filing was Albany for New York City Process Service. If required, the Department of State is authorized to receive New York City Process Service in place of the entity. This authority is conferred to the Department of State upon the filing of the company’s incorporation with the state for New York City Process Service.

New York City Process Service on a registered agent may be performed in the same way that a summons is served under the law. This process works as though the agent were a defendant and therefore delivers the service upon the agent in New York City. HSBC Development 12345 LLC does have a registered agent, via whom the agency’s required New York City Process Service may be made to the Secretary of State. Unlike the majority of HSBC subsidiaries, however, The LLC serves as the registered agent.

New York City Process Service may be served on a domestic or authorized foreign corporation, limited liability company, limited partnership, or limited liability partnership; however, this New York City Process Service typically means that two copies of the New York City Process Service be personally served on the New York Secretary of State or any person authorized around them at the New York Department’s Office of the New York Department. If the entity accepts New York City Process Service on account of the entity, the Department of State will send New York City Process Service to the entity’s premises.

Sometimes when New York City Process Service is served on the Secretary of State as agent for a domestic corporation or an authorized foreign corporation, this Process Service is really only appropriate if the server personally delivers and leaves the requisite documents with the Secretary of State or their deputy. To accomplish service, it is required to submit duplicate copies of such New York City Process Service together with the statutory fee, that would become a taxable disbursement.

The Secretary of State must immediately deliver one of such copies to such company by certified mail, return receipt requested, at the post office address provided for the purpose of Process Service on file with the Department of State.

HOW TO SERVE LEGAL PAPERS ON HSBC INSURANCE AGENCY (USA) INC.

HSBC Insurance Agency (USA) Inc was filed with the DOS on January 27th, 1999 with New York jurisdiction. The entity is considered a domestic business corporation. For process servers, New York City Process Service can be levied at their address for the DOS process. New York City Process Service can be done at their principal executive office or upon the company’s DOS address on file.   New York City Process Service may also be levied upon their CEO or higher officer.

HOW TO SERVE LEGAL PAPERS ON HSBC MARKETS (USA) INC.

The HSBC Bank Group retains HSBC Markets (USA) Inc as one of their subsidiaries, which exists as a foreign business corporation. Established on `14th  March 1983, HSBC Markets (USA) Inc is one of the subsidiaries of the HSBC Group that has not specifically been incorporated in New York. Instead, the entity comes under Delaware jurisdiction and will not necessarily use New York City Process Service guidelines.

However, since HSBC Markets (USA) Inc is an authorized foreign business corporation mostly the same New York City Process Service instructions will be relevant. New York City Process Service is still levied via the Secretary of State, especially as there exists no registered agent to accept New York City Process Service for this company. In this case, the registered agent for HSBC Markets (USA) Inc was revoked. The  Secretary of State, in turn, promptly sends one of such copies by certified mail, return receipt requested, to HSBC Markets (USA) Inc at the post office address on file in the Department of State. 

HOW TO SERVE LEGAL PAPERS ON HSBC SECURITIES (USA) INC

HSBC Securities (USA) Inc. does not fall under New York jurisdiction.  The jurisdiction for HSBC Securities (USA) Inc in Delaware, although its location county is currently New York. Consequently, since HSBC Securities (USA) Inc. follows Delaware jurisdiction, it is deemed to be a foreign business corporation.  HSBC Securities (USA) Inc is one of the oldest branches of the HSBC group, has filed for its DOS registration on December 12th, 1969. 

Regardless, New York City Process Service may be conducted for this entity in the State of New York, with appointed officers being identified who are qualified to accept New York City Process Service by being ranked highly in the corporation. It must be noted at this juncture that the Principal Executive Officer of HSBC Securities (USA) Inc is not the same as the office where New York City Process Service may be levied by the Department of State. 

In their capacity as a foreign business corporation, New York City Process Service on HSBC Securities (USA) Inc. may be done on their appointed Registered Agent, who remains CT Corporation System, in this case. The registered agent, or agent of service, provides a legal address—within the jurisdiction where the company is established—where legal documents can be served during standard business hours. The registered agent’s duty is to receive and forward that New York City Process Service to the entity’s designated contact within the service bracket. 

HOW TO SERVE LEGAL PAPERS ON HSBC NORTH AMERICA HOLDINGS INC.

HSBC North America Holdings Inc. is a foreign business corporation. The entity was formed on 2nd April 1980, although it was registered in New York only on 5th February 1984.  While the Principal Executing Office, as well as the DOS New York City Process Service Address, is situated in New York, the overarching jurisdiction for the Corporation in Delaware. A foreign corporation that is currently doing business or that has previously done business in New York State must obtain the tax commissioner’s consent to the filing of the application in addition to the other requirements. 

Since the status of HSBC North America Holdings Inc. is necessary, it is important for the purposes of New York City Process Service to get the consent of the tax commissioner is a statement verifying that all tax returns due have been filed and all taxes due have been paid. The registered agent for HSBC North America Holdings Inc. is CT Corporation System.

New York City Process Service will be effective on the date the papers are received by the Department provided that one has complied with all statutory requirements for the effectuation of service.

In New York, HSBC Bank and its subsidiaries conduct business as per different entities registered with the Department of State.  Each different entity of the bank has a specific function that it espouses, which is important for the purposes of New York City Process Service. Different subsidiaries have had to incorporate themselves with the Department of State, which would include providing information as to the names and addresses of officers, shareholders, or directors of a nonprofessional corporation. It must be remembered for purposes of New York City Process Service that this information is not recorded and can only be availed by viewing that particular certificate. Consequently, New York City Process Service must be entity-specific in order to be processed correctly.

WHAT SHOULD YOU DO NEXT?

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Sources

1. Woodman, Spencer, et al. “HSBC Moved Vast Sums of Dirty Money after Paying Record Laundering Fine.” ICIJ, 22 Sept. 2020, https://www.icij.org/investigations/fincen-files/hsbc-moved-vast-sums-of-dirty-money-after-paying-record-laundering-fine/. 

2. Senate Permanent Subcommittee on Investigations, committee chair Senator Carl Levin (D-Michigan) proclaimed: “HSBC used its U.S. bank as a gateway into the U.S. financial system for some HSBC affiliates around the world to provide U.S. dollar services to clients while playing fast and loose with U.S. banking rules. Due to poor AML controls, HBUS (HSBC’s U.S. affiliate) exposed the United States to Mexican drug money, suspicious traveler’s cheques, bearer share corporations, and rogue jurisdictions.”

3. HSBC is a member of the Hang Seng Index and the FTSE 100 Index and is listed on both the Hong Kong and London stock exchanges. It was the third-largest business listed on the London Stock Exchange as of 30th October 2020, with a market capitalization of £66.1 billion. The New York Stock Exchange and the Bermuda Stock Exchange both have secondary listings for the company.

4. C/O CORPORATION SERVICE COMPANY

Address:80 STATE STREET, ALBANY, NY, United States, 12207 – 2543

5. HSBC AFS (USA) LLC

Address: OFFICE OF THE GENERAL COUNSEL, 95 WASHINGTON STREET, BUFFALO, NY, United States, 14203

6. This authorized individual may also be the deputy,  or  any  person  authorized  by  the secretary  of  state  to  receive  such  service

7. THE LLC

Address:570 EASTERN PARKWAY, BROOKLYN, NY, United States, 11225

8. Service of Process Name and Address

Name HSBC INSURANCE AGENCY (USA) INC.

Address:2929 WALDEN AVENUE COLUMN C68, DEPEW, NY, United States, 14042

9. Name:MONIQUE N THACKER

Address:452 FIFTH AVENUE, NEW YORK, NY, United States, 10018

10. Service of Process Name and Address

Name: MARK STEFFENSEN

Address:452 FIFTH AVENUE, TOWER 7, NEW YORK, NY, United States, 10018

Chief Executive Officer’s Name and Address

Name: JASON R. HENDERSON

Address:452 FIFTH AVENUE, NEW YORK, NY, United States, 10018

11. Service of Process Name and Address

Name:HSBC SECURITIES (USA) INC.

Address:452 FIFTH AVENUE, 452 FIFTH AVENUE, NEW YORK, NY, United States, 10018

12. Chief Executive Officer’s Name and Address

Name: ANDRE G. BRANDAO

Address:452 FIFTH AVENUE, NEW YORK, NY, United States, 10018

13. C T CORPORATION SYSTEM

Address:28 LIBERTY ST., NEW YORK, NY, 10005

14. MICHAEL ROBERTS

Address:452 FIFTH AVE, NEW YORK, NY, United States, 10018

15. C T CORPORATION SYSTEM

Address:28 LIBERTY ST., NEW YORK, NY, United States, 10005

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