HSBC Announces $27 Million Expansion of Wales, UK, Operation

NEWPORT, Wales--(BUSINESS WIRE)--HSBC, one of the largest banking and financial services organizations in the world, announced that it is creating an additional 250 jobs at its Newport, Wales operation, an investment of over $27 million. The decision by HSBC will also safeguard the existing 200 jobs in Newport, and transform the operation into a new customer service center for the bank's UK customers.

The 200 employees at HSBC Newport currently administer the bank’s home and car insurance products. Following this investment, the operation in Newport will concentrate on developing its customer services provision, beginning in October 2009.

“Our customers are increasingly choosing to bank online and over the phone, and our resources need to reflect this. HSBC chose to invest in Newport, Wales, because of our skilled local workforce and our confidence that we can continue to recruit high quality people over the next two years and beyond,” said Alan Jarman, HSBC’s Chief Executive for Wales.

“Furthermore, the Welsh Assembly Government has done all it can to support the development and to make sure this investment was made in Wales rather than elsewhere,” Jarman said.

The Assembly Government's Deputy First Minister, Ieuan Wyn Jones, hailed HSBC’s investment as a tribute to the quality of the existing workforce. He noted the decision as a significant boost to the local economy and to the Welsh financial services sector.

“Assembly Government officials have worked closely and effectively with HSBC to secure this significant development for Wales. This investment represents an important commitment to the area by HSBC - which already employs some 2,700 people in Wales,” Jones said.

Headquartered in London, HSBC (www.hsbc.com) is one of the largest banking and financial services organizations in the world. HSBC's international network comprises over 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. It was ranked first by Forbes magazine in the latest Forbes 2000 list of the world's largest companies.

About International Business Wales

International Business Wales is the economic development arm of the Welsh Assembly Government with the responsibility of helping international corporations locate operations in Wales, and with promoting international trade by Welsh businesses. IBW can assist businesses in finding suitable properties in Wales for their operations, help them in finding employees and in obtaining financial assistance from the Welsh government, when appropriate. For more information, visit www.ibwales.com.