HSBC - North America Appoints Randall L. Raup President of HSBC Mortga

HSBC - North America Appoints Randall L. Raup President of HSBC Mortgage Corporation -USA-

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    PROSPECT HEIGHTS, Ill.--(BUSINESS WIRE)--April 8, 2005--Randall ("Randy") L. Raup has been appointed President of HSBC Mortgage Corporation (USA) and Executive Vice President, HSBC Bank USA, N.A., pending approval by the Bank's Board of Directors. In this new position, Raup will have overall responsibility for the day-to-day operation of one of the nation's top 20 residential mortgage lenders.
    "Randy is an outstanding manager and leader and brings an extensive knowledge of the business to the position," said Sandy Derickson, Vice Chairman, HSBC - North America. "His broad view of the company and his most recent experience as Chief Financial Officer for HSBC Mortgage Corporation are going to serve him and the company exceptionally well. I'm fully confident in his ability to lead and grow HSBC Mortgage Corporation's business."
    After 20 years at Household, Raup joined HSBC Mortgage Corporation as senior vice president and chief financial officer in August 2004. In November 2004, he was named a member of the executive committee responsible for the mortgage corporation's day-to-day operations.
    Prior to joining the Mortgage Corporation, Raup worked in the company's credit card business as the managing director of co-branded programs. He also served as Household's managing director of strategy and development and held various positions in treasury control, corporate reporting and internal audit. Prior to joining the company in 1984, Raup served as a senior audit manager with KPMG.
    Raup received his bachelor's degree in business from Eastern Illinois University in 1975, and received his master's degree in management from Northwestern University in 1987.

    About HSBC Mortgage Corporation (USA)

    HSBC Mortgage Corporation (USA), a wholly owned subsidiary of HSBC Bank USA N.A., is a member of the HSBC Group plc, which is one of the largest banking and financial service organizations in the world. It has more than 5,000 brokers and correspondents funding loans in the continental U.S. The organization is the 20th largest originator in the nation, servicing over 450,000 first and second mortgages worth approximately $70 billion. It also conducts brick and mortar retail lending in 8 states and telephone sales in 48 states and the District of Columbia. HSBC Mortgage Corporation (USA), an equal housing lender, is a Fannie Mae/Freddie Mac fixed rate and hybrid ARM lender that also offers a wide range of Alt A products. It is also one of six national members of the Freddie Mac "Hall of Fame" and has received numerous awards from Freddie Mac and Fannie Mae for excellence in servicing and investor reporting.

    About HSBC - North America

    HSBC - North America comprises all of HSBC's U.S. and Canadian businesses, including the former Household businesses. The company's businesses serve more than 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit www.hsbcusa.com.

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CONTACT: For HSBC - North America Kathleen Rizzo Young, 716-841-5003 kathleen.rizzo.young@us.hsbc.com

KEYWORD: ILLINOIS INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION BANKING MANAGEMENT CHANGES PHOTO PHOTOWIRE SOURCE: HSBC - North America PHOTO: 43173

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