International companies headquartered in upstate New York have growth rates nearly three times higher than firms with only domestic business, according to a new report.
The report, HSBC Spotlight on U.S. Trade, is the first in a series of reports and analyses of publicly traded companies in key regions around the U.S. HSBC Bank and the World Trade Center Buffalo Niagara commissioned it.
In addition to higher growth rates, international firms generated more than 10 percent more in revenue than domestic companies, according to HSBC. The firms saw revenue expand at an average rate of 4.59 percent from 2010 to 2011 while domestic businesses saw 1.69 percent growth over the same period.
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‘The report’s findings are consistent with what we fundamentally believe at HSBC, which is that an overseas customer base can insulate you from domestic market fluctuations and helps harness the potential and growth of emerging global economies,” Kevin Quinn, HSBC’s head of corporate banking for upstate New York, said in a news release.
HSBC sold its retail branch network in upstate New York to First Niagara Bank of Buffalo last year, but still has a presence in the region focused on areas like corporate middle-market banking, investment banking, and private banking.
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