HSBC Bank USA, a part of the HSBC Group, is set to open up to 50 branches in the country to bolster its retail network.

The move was announced as the lender opened a new branch in Cupertino, California. The overall plan also includes hiring more than 300 people to support its operations.

HSBC expansion: Details

Around 40% of the new branches will be located in low- to moderate-income communities. It also plans to work with local community partners to support jobs, improvement in financial literacy and small business growth.

HSBC will start opening the new branches from later this year.

HSBC North America Retail Banking and Wealth Management head Pablo Sanchez said: “Retail branches are important and will continue to maintain a prevalent role in acquiring, retaining and serving customers.

“While our digital capabilities and self-service channels continue to grow and improve, our network of neighbourhood branches still attracts most of our new customers and strengthens our relationship with existing customers in need of additional financial services.”

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The latest expansion is aligned with its strategy to strengthen its US business, which has underperformed for years.

In the last 12 months, the lender has announced several initiatives to support its growth.

The initiatives include introduction of a new digital lending platform and an interactive financial wellness platform among others.

Earlier this month, HSBC Bank USA introduced an enhanced Premier proposition. The offering will provide the customers with access to Premier credit card products and thought leadership content.