HSBC Auto Finance Appoints Lee Whatcott Chief Financial Officer

Auto Finance Veteran Brings Industry Expertise to Leading Auto Lender

PROSPECT HEIGHTS, Ill., March 29 -- HSBC - North America announced today the appointment of Lee Whatcott as chief financial officer of HSBC Auto Finance, effective immediately. Whatcott will lead the financial accounting and management efforts for the business, which provides auto financing through thousands of active auto dealer relationships and direct-to- consumer channels. He will work out of HSBC Auto Finance's headquarters in San Diego.

Prior to joining HSBC, Whatcott was chief financial officer at Westcorp, a financial holding company that includes WFS Financial, an independent auto finance company. Before his appointment to that position in 1995, he held a variety of roles during his 17-year career at Westcorp in the areas of accounting, treasury, budgeting and credit risk.

"Lee brings a wealth of industry and business acumen and will be a valuable contributor to our senior leadership team," said John Haines, managing director, HSBC Auto Finance.

Whatcott holds both bachelor's and master's degrees from Brigham Young University and is a certified public accountant.

For more information, contact James Pieper, Group Public Affairs, at (847) 564-7665 or Liz Smith Nielsen, Communications, at (858) 492-6798.

About HSBC Auto Finance

HSBC Auto Finance, headquartered in San Diego, is a leading provider of financing for new and used vehicles and has products that serve the full spectrum of credit consumers. The company purchases consumer contracts from thousands of active dealers in 46 states. Additionally, it originates or refinances auto loans through direct solicitations, the Internet and alliances, and services auto loans for HFC and Beneficial branches. HSBC Auto Finance is part of HSBC - North America, one of the top 10 financial services organizations in the United States with assets approaching $300 billion.

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: http://www.hsbcusa.com/ .