HSBC USA Inc.( HSBC USA) is a is an indirect wholly owned subsidiary of HSBC North America Holdings Inc. (HSBC North America), which is an indirect wholly owned subsidiary of HSBC Holdings plc (HSBC). HSBC USA's principal business is to act as a holding company for its subsidiaries. The Company operates in four reportable segments: Retail Banking and Wealth Management (RBWM) (formerly Personal Financial Services), Commercial Banking (CMB), Global Banking and Markets and Private Banking (PB). In January 2011, the Company acquired Halbis Capital Management (USA) Inc (Halbis), an asset management business, from an affiliate, Halbis Capital Management (UK) Ltd. In April 2011, the Company completed the sale of its European Banknotes Business. Through its subsidiaries, the Company offers a comprehensive range of personal and commercial banking products and related financial services.