In the initial stages, trained specialists will manage the entire cross border account opening process for business customers, making it easier than ever before for SMEs to establish a presence overseas.
The centers will initially be in seven locations includng China, France, Hong Kong, India, Spain, the United Kingdom and the United States. By the end of the year, IBCs will have been rolled out in a total of 17 countries and territories.
IBCs are designed to give business customers the benefit of confidence especially in knowing that their overseas requirements are being dealt with by a single bank. Experts who understand all the potentially complex local regulatory requirements, are assigned to them.
The centers offers better control in knowing what is happening at both ends of a transaction. They also offer complete ownership of an international transaction and the ability to track it from beginning to end, and that it allows for direct access to clearing systems rather than having to go through correspondent banks.
"International business centers will make life much easier for the large and growing number of SMEs around the world that want to do business internationally. HSBC’s aim is to make it just as simple to trade abroad as it is to do business within host countries and the IBCs will go a long way towards achieving that," Alan Keir, HSBC head of Commercial Banking, said.
The IBCs will also provide additional support in the areas of relationship management and business solutions such as payment services, export factoring, international invoice finance, foreign currency loans, trade services, FX and electronic banking.