As other banking companies weigh insurance options introduced by the financial modernization law, HSBC Holdings PLC is already poised to build up its U.S. insurance business.

London-based HSBC, which operates 450 branches in New York state as HSBC Bank USA, has been marketing insurance in various ways for 30 years. It is involved in at least some aspect of insurance in more than 20 countries, including the United Kingdom and Brazil, as well as Hong Kong and other Pacific Rim markets.

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