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Many small and midsize firms consider overseas sales as crucial to sustained growth, and banks are responding by beefing up their trade-finance units.
July 5 -
The House Financial Services Committee remains divided, largely along party lines, over whether to renew the charter of the Export-Import Bank of the United States.
June 25 -
As American manufacturers see more opportunities to sell their wares in China, banks are vying hard for their business.
March 31 -
Irene Dorner did a lot to turn around HSBC's troubled U.S. operations following violations of U.S. anti-money-laundering regulations that led to a record penalty, but successor Patrick Burke and a new U.S. compliance chief will have to pick up the recovery at its midpoint and finish the job.
June 16
HSBC Bank USA is expanding its loan program for small and midsize businesses that seek global growth.
The $175 billion-asset company said Wednesday that $3 billion will be added to its international loan fund. HSBC
Businesses with annual revenue of $3 million to $500 million that are focused on cross-border trade or global expansion are eligible. The program, which works with companies in over 60 countries, runs through December 2015. It is only accepting applications for new business loans, HSBC said in a press release.
"We've been impressed by the pace with which businesses around the country and across industries have taken advantage of the program," Steve Bottomley, group general manager and head of commercial banking for HSBC in North America, said in the release.
U.S. exports hit a record high of $2.3 trillion in 2013 and supported 11.3 million jobs, the International Trade Association said. Additionally, global trading is expected to grow annually by 8% beginning in 2016, according to HSBC's Global Connections Trade report, compared with 2.5% last year. Exports to China and India are projected to grow 9% a year on average through 2030, the report said.