-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, B2AeM5hE8JAVH3nAR4R2+fJZ7BMnTqOEeSsBdcu2DAL3qo9w4YHSef0eap7mWxq6 j3BD0pgdU9RT/xV4bWO/mg== 0001169232-03-007247.txt : 20031231 0001169232-03-007247.hdr.sgml : 20031231 20031231154524 ACCESSION NUMBER: 0001169232-03-007247 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031231 ITEM INFORMATION: Acquisition or disposition of assets ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HSBC USA INC /MD/ CENTRAL INDEX KEY: 0000083246 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 132764867 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07436 FILM NUMBER: 031080619 BUSINESS ADDRESS: STREET 1: 452 FIFTH AVE CITY: NEW YORK STATE: NY ZIP: 10018 BUSINESS PHONE: 2125256100 MAIL ADDRESS: STREET 1: 452 FIFTH AVENUE CITY: NEW YORK STATE: NY ZIP: 10018 8-K 1 d57839_8-k.txt FORM 8-K CONFORMED 1. ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMMISSION WASHINGTON, D.C. 20549 FORM 8-K Current Report PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report: December 31, 2003 (Date of earliest event reported) HSBC USA INC. (Exact name of registrant as specified in its charter) Maryland (State of Incorporation) 1-7436 (Commission file number) 13-2764867 (IRS Employer Identification No.) 452 Fifth Avenue, New York, New York 10018 (Address of principal executive offices) (212) 525-3735 Registrant's telephone number, including area code Not applicable (Former name or former address, if changed since last report) ================================================================================ 2. Item 2. Disposition of Assets A press release was jointly issued by HSBC USA Inc. and CIT Group Inc. regarding the sale of HSBC USA's domestic factoring business to CIT. It is anticipated that the transaction will not have a material effect on the results of operations of HSBC USA Inc. The Registrant is including the press release as Exhibit 20. Item 7. Financial Statements and Exhibits Exhibit 20. Press Release announcing the sale of HSBC USA Inc.'s domestic factoring business to CIT Group Inc. 3. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. HSBC USA INC. (REGISTRANT) /s/ Joseph R. Simpson --------------------- NAME: JOSEPH R SIMPSON TITLE: SENIOR VICE PRESIDENT & CONTROLLER Date: December 31, 2003 EX-20 3 d57839_ex-20.txt PRESS RELEASE [LOGO] CiT EXHIBIT 20. CIT COMMERCIAL SERVICES ACQUIRES U.S. FACTORING ASSETS OF HSBC BANK USA Livingston, NJ - December 31, 2003 - CIT Group Inc. (NYSE: CIT) announced today that its Commercial Services business unit has acquired substantially all of the U.S. factoring assets and liabilities of HSBC Bank USA. The acquired assets approximate $1 billion before assumed liabilities with net assets acquired of approximately $270 million. Terms of the deal were not disclosed. "This transaction reflects CIT's corporate strategy to pursue growth opportunities that are synergistic with our core business lines and meet our return on equity targets," said Jeffrey M. Peek, President and COO of CIT Group Inc. "HSBC's decision to exit the domestic factoring business was made as a result of our new strategic plan's emphasis on our core U.S. businesses," said Martin Glynn, President & CEO of HSBC Bank USA. "We were very pleased to be able to reach agreement with CIT, as their proven expertise as a leading provider in the industry is widely acknowledged." HSBC Securities (Canada) Inc. advised HSBC Bank USA on this transaction. CIT's Commercial Services business has been providing accounts receivable and inventory financing solutions to commercial businesses since the 1920s. "This addition to our existing portfolio reinforces CIT's commitment to the various industries that sell into retail channels of distribution," added John Daly, President, CIT Commercial Services. About CIT Commercial Services CIT Commercial Services is a unit of CIT Group Inc. and is one of the United States' leading providers of factoring, accounts receivable management, credit protection, and lending services. Commercial Services specializes in serving the apparel, footwear, furniture, home furnishings, consumer electronics and other industries that sell into retail channels of distribution. CIT Commercial Services is headquartered in New York City and has offices in Charlotte, Dallas, Los Angeles, Danville, VA; Hong Kong and Shanghai. About CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing, U.S. factoring, equipment and transportation financing, Small Business Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com. About HSBC Bank USA HSBC Bank USA has more than 400 branches in New York State, giving it the most extensive branch network in New York. The bank also has 10 branches in Florida, one in Pennsylvania, five in California, one in Washington, one in Oregon, and 15 in Panama. HSBC Bank USA is the principal subsidiary of HSBC USA Inc, the 13th largest US bank holding company ranked by assets, and an indirectly-held, wholly-owned subsidiary of HSBC Holdings plc (NYSE: HBC). Headquartered in London, and with over 9,500 offices in 79 countries and territories, the HSBC Group is one of the world's largest banking and financial services organizations. For more information about HSBC Bank USA and its products and services visit www.us.hsbc.com. ### Press Contacts: Yvette Rudich, VP CIT Group Inc. (973) 597-2095 Ann-Margret Crater, VP CIT Commercial Services (212) 536-9310 ann.crater@cit.com Kathleen Rizzo Young, First VP HSBC Bank USA (716) 841-5003 kathleen.rizzo.young@us.hsbc.com Investor Contacts: Valerie L. Gerard, SVP CIT Group Inc. (973) 422-3284 -----END PRIVACY-ENHANCED MESSAGE-----