HSBC Joins Walmart to Improve Capital for Diverse US Suppliers

Aug 10, 2021 | Business

HSBC Bank USA has become Walmart’s first banking collaborator supporting its initiative to make access to working capital affordable, transparent and more equitable. The financing program, working with C2FO, provides certified diverse and minority suppliers with convenient and consistent access to reliable funding sources.

The funding could in turn be applied to initiatives that spur growth and improve resiliency such as hiring more employees, investing in innovation, and creating a cash cushion for leaner times.

This initiative supplements an existing HSBC and Walmart program that pegs a supplier’s financing rate to Walmart’s sustainability standards. Walmart suppliers who demonstrate progress in sustainability credentials and help with Walmart’s initiative to reduce one billion metric tons of greenhouse gases from their global value chain by 2030 (Project Gigaton) have access to improved financing from HSBC.

“Minority-owned and diverse businesses face significant barriers to access capital so we are excited to help these businesses receive the funding they need to prosper,” said Priyamvada Singh, Head of North America Global Trade and Receivables Finance Product at HSBC. “It’s always great to team up with clients who share our commitments, and we look forward to continuing this journey with Walmart.”

Last year, HSBC adopted a framework to advance inclusion in the US which includes solutions that help clients advance their social goals around diversity and equity.

About HSBC

HSBC USA

HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.

Walmart to Close All U.S. Store Locations for Thanksgiving Day

Jun 5, 2021 | Business

Today, Walmart announced all U.S. store locations will close for Thanksgiving Day, Nov. 25, as a ‘thank you’ to associates for their continued hard work during the pandemic. Associate Elizabeth Brown, a people lead from Store 5260 in Rogers, Arkansas, shared the exciting news before a crowd of approximately 1,000 associates during the retailer’s Associate Celebration meeting. This is the second year running that Walmart has closed stores on Thanksgiving Day to give time back to associates.

Throughout the pandemic, Walmart has continued to place a heavy emphasis on the well-being of its associates. Recently, the company expanded access to no-cost counseling and extended its COVID-19 emergency leave policy through Sept. 30.

Closing its stores on Thanksgiving Day is an additional way the retailer is thanking associates for their dedication to serving customers and their perseverance throughout the pandemic.

“Throughout the pandemic, our associates have been nothing short of heroic in how they have stepped up to serve our customers and their communities. Sam Walton said, ‘Our people make the difference,’ and that’s never been more true than it is right now,” said Dacona Smith, executive vice president and chief operating officer for Walmart U.S. “Closing our stores on Thanksgiving Day is one way we’re saying ‘thank you’ to our teams for their dedication and hard work this year. We hope everyone will take the opportunity to be with their loved ones during what’s always a special time.”

Stores will operate regular posted hours on Wednesday, Nov. 24. Information about store hours for Friday, Nov. 26, will be announced at a later date.

About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs more than 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.