CONFORMED 1.





                    SECURITIES AND EXCHANGE COMMISSION

                          WASHINGTON, D.C. 20549

                                 FORM 10-Q

                QUARTERLY REPORT UNDER SECTION 13 or 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended March 31, 1998              Commission file number 1-2940

                            HSBC Americas, Inc.
          (Exact name of registrant as specified in its charter)

Delaware Corporation                                             22-1093160

(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                         Identification No.)

One Marine Midland Center, Buffalo, N.Y.                              14203

(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including area code:          (716) 841-2424

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.

                                             Yes   X               No      

All voting stock (1,001 shares of Common Stock, $5 par value) is owned by HSBC
Holdings B.V., an indirect wholly owned subsidiary of HSBC Holdings plc.

This report includes a total of 15 pages.




                                                                         2.




Part I - FINANCIAL INFORMATION

                                                                      Page
Item 1 - Financial Statements

         Consolidated Balance Sheet
         March 31, 1998 and December 31, 1997                              3 
     
         Consolidated Statement of Income
         For The Three Months
         Ended March 31, 1998 and 1997                                     4 

         Consolidated Statement of Changes in
         Shareholders' Equity For The Three Months
         Ended March 31, 1998 and 1997                                     5 

         Consolidated Statement of Cash Flows
         For The Three Months Ended
         March 31, 1998 and 1997                                           6 

         Notes to Consolidated Financial Statements                        7  

Item 2 - Management's Discussion and Analysis of 
         Financial Condition and Results of Operations                    10 


Part II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K                                 14 

Signatures                                                                15 



<TABLE>
<CAPTION>

                                                                           

                                                                             3.

                                                     HSBC Americas, Inc. 
-------------------------------------------------------------------------------
C O N S O L I D A T E D    B A L A N C E    S H E E T


                                                   March 31,       December 31,
                                                       1998               1997
-------------------------------------------------------------------------------
                                                              in thousands
<S>                                              <C>             <C>      
Assets
Cash and due from banks                          $  1,256,442    $     928,691
Interest bearing deposits with banks                2,094,431        2,643,010
Federal funds sold and securities
  purchased under resale agreements                 1,758,449          497,992
Trading assets                                        885,005          979,454
Securities available for sale                       3,732,292        3,998,773
Loans                                              21,587,229       21,622,232
Less - allowance for credit losses                    406,733          409,409
-------------------------------------------------------------------------------
      Loans, net                                   21,180,496       21,212,823
Premises and equipment                                215,295          225,753
Accrued interest receivable                           214,509          233,849
Intangible assets                                     472,823          481,953
Other assets                                          359,421          315,275
-------------------------------------------------------------------------------
Total assets                                     $ 32,169,163    $  31,517,573
===============================================================================

Liabilities
Deposits in domestic offices
  Noninterest bearing                            $  3,797,362    $   4,195,248
  Interest bearing                                 17,276,885       15,981,866
Interest bearing deposits in foreign offices        3,041,626        2,640,050
-------------------------------------------------------------------------------
      Total deposits                               24,115,873       22,817,164
Short-term borrowings                               3,647,725        4,202,175
Interest, taxes and other liabilities                 859,513          751,217
Long-term debt                                      1,499,512        1,708,064
-------------------------------------------------------------------------------
Total liabilities                                  30,122,623       29,478,620
-------------------------------------------------------------------------------

Shareholders' equity
Preferred stock                                             -                -
Common stock                                                5                5
Capital surplus                                     1,804,930        1,804,527
Retained earnings                                     213,235          205,112
Accumulated other comprehensive income                 28,370           29,309
-------------------------------------------------------------------------------
Total shareholders' equity                          2,046,540        2,038,953
-------------------------------------------------------------------------------
Total liabilities and shareholders' equity       $ 32,169,163    $  31,517,573
===============================================================================
The accompanying notes are an integral part of the consolidated financial
statements.
 
</TABLE>


<TABLE>
<CAPTION>

                                                                            4.
  
                                                    HSBC Americas, Inc. 
------------------------------------------------------------------------------
C O N S O L I D A T E D    S T A T E M E N T    O F    I N C O M E


                                                  Three months ended March 31,
                                                          1998           1997
------------------------------------------------------------------------------
                                                    in thousands
<S>                                               <C>             <C>   
Interest income
 Loans                                            $   447,532     $   384,268
 Securities                                            58,949          48,049
 Trading assets                                        14,338          14,094
 Deposits with banks                                   29,641          17,126
 Federal funds sold and securities purchased under
  resale agreements                                    12,313          14,756
------------------------------------------------------------------------------
Total interest income                                 562,773         478,293
------------------------------------------------------------------------------
Interest expense
 Deposits
  In domestic offices                                 159,718         121,196
  In foreign offices                                   37,202          18,328
 Short-term borrowings                                 50,816          32,243
 Long-term debt                                        26,667          21,572
------------------------------------------------------------------------------
Total interest expense                                274,403         193,339
------------------------------------------------------------------------------
Net interest income                                   288,370         284,954
Provision for credit losses                            19,500          18,400
------------------------------------------------------------------------------
Net interest income, after
  provision for credit losses                         268,870         266,554
------------------------------------------------------------------------------
Other operating income
 Trust income                                          11,044          10,523
 Service charges                                       27,836          22,545
 Mortgage servicing income                              7,071           4,976
 Other fees and commissions                            36,579          30,433
 Trading revenues                                       1,389           1,406
 Other income                                          29,365          10,142
------------------------------------------------------------------------------
Total other operating income                          113,284          80,025
------------------------------------------------------------------------------
                                                      382,154         346,579
------------------------------------------------------------------------------
Other operating expenses
 Salaries and employee benefits                       100,961          92,066
 Net occupancy expense                                 22,281          22,621
 Other expenses                                        69,489          68,051
------------------------------------------------------------------------------
Total other operating expenses                        192,731         182,738
------------------------------------------------------------------------------
Income  before taxes                                  189,423         163,841
Applicable income tax expense                          66,300          49,300
------------------------------------------------------------------------------
Net income                                        $   123,123     $   114,541
==============================================================================
The accompanying notes are an integral part of the consolidated financial
statements.

</TABLE>

<TABLE>
<CAPTION>

                                                                                         5.

                                                                       HSBC Americas, Inc.
------------------------------------------------------------------------------------------
C O N S O L I D A T E D    S T A T E M E N T    O F    C H A N G E S 
I N   S H A R E H O L D E R S'    E Q U I T Y


                                                      Three months ended March 31,
                                                              1998           1997
------------------------------------------------------------------------------------------
                                               Comprehensive               Comprehensive
                                         Total        Income      Total         Income
------------------------------------------------------------------------------------------
                                                                in thousands
<S>                                    <C>            <C>       <C>           <C>                     
Preferred stock
Balance, January 1,                    $         - *            $    98,063
Redemption of stock                              -                  (98,063)
---------------------------------------------------               ----------
Balance, March 31,                               -                        -
---------------------------------------------------               ----------
Common stock
Balance, January 1,                              5                        5
---------------------------------------------------               ----------
Balance, March 31,                               5                        5
---------------------------------------------------               ----------
Capital surplus
Balance, January 1,                      1,804,527                1,803,427
Capital contribution from parent               403                      152
---------------------------------------------------               ----------
Balance, March 31,                       1,804,930                1,803,579
---------------------------------------------------               ----------
Retained earnings 
Balance, January 1,                        205,112                   60,630
Net income                                 123,123  $   123,123     114,541   $   114,541
Cash dividends declared                   (115,000)                  (1,468)
---------------------------------------------------               ----------
Balance, March 31,                         213,235                  173,703
---------------------------------------------------               ----------
Accumulated other comprehensive income
Balance, January 1,                         29,309                   10,852
Unrealized losses on securities 
  available for sale, net of taxes and
  reclassification adjustments (Note 5)       (939)        (939)    (17,290)      (17,290)
                                                      ----------                ----------
Comprehensive income                                $   122,184               $    97,251
---------------------------------------------------   ==========  ----------    ==========
Balance, March 31,                          28,370                   (6,438)
---------------------------------------------------               ----------
Total shareholders' equity, March 31,  $ 2,046,540              $ 1,970,849
===================================================               ==========
The accompanying notes are an integral part of the consolidated financial
statements.
* $100 aggregate par value

</TABLE>

<TABLE>
<CAPTION>

                                                                                      6.

                                                                HSBC Americas, Inc. 
   ------------------------------------------------------------------------------------
   C O N S O L I D A T E D   S T A T E M E N T   O F   C A S H   F L O W S

                                                           Three months ended March 31,
                                                                   1998           1997
   ------------------------------------------------------------------------------------
                                                                           in thousands
   <S>                                                        <C>          <C>     
   Cash flows from operating activities
       Net income                                             $   123,123  $   114,541
       Adjustments to reconcile net income to net cash          
       provided (used) by operating activities                  
            Depreciation, amortization and deferred taxes          14,090       (6,769)
            Provision for loan losses                              19,500       18,400
            Net change in other accrual accounts                  134,213       67,336
            Net change in loans held for sale                    (345,020)    (133,671)
            Net change in trading assets                           82,681     (109,207)
            Other, net                                            (21,767)      (3,897)
   ------------------------------------------------------------------------------------
            Net cash provided (used) by operating activities        6,820      (53,267)
   ------------------------------------------------------------------------------------
   Cash flows from investing activities
       Net change in interest bearing deposits with banks         548,579     (351,260)
       Net change in short-term investments                    (1,260,457)      39,444
       Purchases of securities                                   (455,697)    (226,159)
       Sales of securities                                        196,241       70,652
       Maturities of securities                                   529,092      111,564
       Net change in credit card receivables                       96,691      120,786
       Net change in other short-term loans                       (42,421)     (12,617)
       Net originations and maturities of long-term loans         329,504     (617,610)
       Cash used in acquisitions, net of cash acquired                  -     (607,388)
       Other, net                                                 (31,558)    (168,976)
   ------------------------------------------------------------------------------------
            Net cash used by investing activities                 (90,026)  (1,641,564)
   ------------------------------------------------------------------------------------
   Cash flows from financing activities
       Net change in deposits                                   1,298,709      118,589
       Net change in short-term borrowings                       (554,450)   1,879,782
       Repayment of long-term debt                               (208,302)    (145,000)
       Redemption of preferred stock                                    -      (98,063)
       Dividends paid                                            (125,000)      (1,468)
   ------------------------------------------------------------------------------------
            Net cash provided by financing activities             410,957    1,753,840
   ------------------------------------------------------------------------------------
   Net change in cash and due from banks                          327,751       59,009
   Cash and due from banks at beginning of period                 928,691      967,249
   ------------------------------------------------------------------------------------
   Cash and due from banks at end of period                   $ 1,256,442  $ 1,026,258
   ====================================================================================
   The accompanying notes are an integral part of the consolidated financial
   statements.

</TABLE>



 
                                                                            7.



Notes to Consolidated Financial Statements

1.  Basis of Presentation

The accounting and reporting policies of HSBC Americas, Inc. (the Company) and
its subsidiaries including its principal subsidiary, Marine Midland Bank,
conform to generally accepted accounting principles and to predominant
practice within the banking industry.  Such policies, except as noted below,
are consistent with those applied in the presentation of the Company's annual
financial statements.

The interim financial information in this report has not been audited.  In the
opinion of the Company's management, all adjustments necessary for a fair
presentation of financial position, results of operations and cash flows for
the interim periods have been made.  The interim financial information should
be read in conjunction with the 1997 Annual Report on Form 10-K.

2.  Derivative Financial Instruments

The Company uses a variety of derivative instruments to manage interest rate
risk.  These derivative instruments follow either the synthetic alteration or
hedge model of accounting.  Interest rate risk is managed by achieving a mix
of derivative instruments and balance sheet assets and liabilities deemed
consistent and desirable given expectations of interest rate movements,
balance sheet changes and risk management strategies. 

Under the synthetic alteration accounting model, the related derivative
contract is linked to specific individual or pools of similar balance sheet
assets or liabilities by the notional and interest rate risk characteristics
of the associated instruments.    

Under the hedge accounting model, the related derivative likewise is linked to
specific individual or pools of similar balance sheet assets or liabilities by
the notional and interest rate risk characteristics of the associated
instruments.  In addition, the asset, liability or event that the derivative
is associated with exposes the enterprise to price or interest rate risk and 
the related derivative contract effectively reduces that risk.  Accordingly,
there must be high correlation between the changes in market value of the
derivative and the fair value or cash flows associated with the hedged item so
that it is probable that the results of the future will substantially offset
the effects of price or interest rate movement on the hedged item. To the
extent these criteria are satisfied, the derivative contract is accounted for
on a basis consistent with that of the underlying hedged item. 

For a derivative financial instrument synthetically altering an asset or
liability accounted for on an historical cost basis, accrual based accounting
is applied. Specifically, income or expense is recognized and accrued to the
next settlement date in accordance with the contractual terms of the agreement
as an adjustment to the income or expense associated with the underlying
balance sheet position. The derivative position would not be marked to market.
 
Derivative instruments that are entered into for the purpose of generating
trading revenues are accounted for on a mark to market basis. Associated
income and expense is recognized as trading revenue.  For derivatives linked
to securities classified as available for sale, the mark to market is
considered a component of the market value of the related securities and is
recorded through shareholders' equity consistent with the valuation of the
assets.  Derivatives used to limit the potential for loss associated with the
valuation of mortgage servicing rights are also considered in the valuation of
the related asset.






                                                                            8.



Derivatives that do not qualify as synthetic alterations or hedges at
inception, or that cease to qualify as synthetic alterations or hedges, are
marked to market through earnings. Derivatives that are effectively cancelled
are marked to market prospectively with any gains or losses at that time being
deferred and amortized to earnings over the remaining life of the derivative. 
If the altered or hedged position is liquidated the gain or loss, including
any deferred amount is recognized in earnings. 

3. Pledged Financial Instruments

At March 31, 1998, securities, loans and other assets carried at $4.1 billion
were pledged as collateral for borrowings, to secure public and trust deposits
and for other purposes.

4. Accounting for Transfers and Servicing of Financial Assets and 
   Extinguishments of Liabilities

Effective January 1, 1997, the Company generally adopted the provisions of
Statement of Financial Accounting Standards No. 125, Accounting for Transfers
and Servicing of Financial Assets and Extinguishments of Liabilities (FAS
125), prospectively, and adopted certain other of its provisions on January 1,
1998, as permitted by FAS 125. FAS 125 primarily establishes criteria based on
legal control to determine whether a transfer of a financial asset is a sale
or a secured borrowing. The adoption of the provisions of FAS 125 including
those provisions where adoption was delayed until January 1, 1998, did not
have a material effect on the financial position or results of operations of
the Company.

5. Comprehensive Income

Effective January 1, 1998, the Company adopted the provisions of Statement of
Financial Accounting Standards No. 130, Reporting Comprehensive Income (FAS
130).  FAS 130 establishes standards for reporting the components of
comprehensive income and requires that all such components be included in a
financial statement that is displayed with the same prominence as other
financial statements.  Comprehensive income includes net income as well as
certain items that are reported directly within a separate component of
shareholders' equity.  The Company has reported comprehensive income in the
consolidated statement of changes in shareholders' equity.  The disclosure
requirements of FAS 130 have no impact on the financial position or results of
operation of the Company.

Accumulated other comprehensive income for the Company relates to unrealized
losses on securities available for sale summarized as follows:    


<TABLE>
<CAPTION>

                                                                           9.


                                      Before Tax    Tax Expense    Net of Tax 
                                          Amount       (Benefit)       Amount 
                                      ----------    -----------    ----------
                                                   (in millions) 
<S>                                       <C>             <C>          <C>       
Three Months Ended March 31, 1998

  Unrealized holding gains 
  arising during the period               $  3.2          $ 1.1        $  2.1 
  
  Less: reclassification adjustments
  for gains realized in net income 
  during the period                          4.6            1.6           3.0 
                                           -----           ----         -----
  Net other comprehensive income      
  (loss)                                  $ (1.4)         $ (.5)       $  (.9)
                                           =====           ====         =====

Three Months Ended March 31, 1997   

  Unrealized holding losses                                      
  arising during the period               $(22.0)         $(7.6)       $(14.4)

  Less: reclassification adjustments     
  for gains realized in net income
  during the period                          4.5            1.6           2.9 
                                           -----           ----         -----
  Net other comprehensive income    
  (loss)                                  $(26.5)         $(9.2)       $(17.3)
                                           =====           ====         =====

</TABLE>

6.  New Accounting Standards

In June 1997, The Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 131, Disclosures About Segments of an
Enterprise and Related Information (FAS 131).  The provisions of FAS 131
require disclosure of financial and descriptive information about an entity's
reportable operating segments.  Segments are defined as components of an
entity that engage in business activities that generate revenues and expenses,
whose operating results are reviewed by management in the determination of
resource allocation and performance and for which discrete financial
information is available. FAS 131 is effective for the first annual period
beginning in 1998.  The Company is currently assessing the manner in which it
will disclose the required information.

In March 1998, the AICPA issued Statement of Position 98-1, Accounting for the
Cost of Computer Software Developed or Obtained for Internal Use (SOP 98-1). 
The provisions of SOP 98-1 require the capitalization of eligible costs of
specified activities related to computer software developed or obtained for
internal use and becomes effective for fiscal year 1999. The Company is
assessing how the capitalization of these costs, which are generally expensed,
will affect its financial position or results of operation.    





                                                                          10. 
                                                                         

Management's Discussion and Analysis of Financial Condition and 
Results of Operations                                          



HSBC Americas, Inc. (the Company) reported first quarter 1998 net income of
$123.1 million, compared with $114.5 million in the first quarter of 1997.  
Results for the first quarter of 1998 reflected the impact of core business
growth and an entire quarter of the fully-integrated First Federal Savings and
Loan Association of Rochester (First Federal).  First Federal, acquired on
March 1, 1997, had assets of $7.0 billion and deposits of $4.3 billion and
significantly increased the Company's balance sheet while positively impacting
earnings.

Net Interest Income

Net interest income for the first quarter of 1998 was $288.4 million compared
with $285.0 million for the first quarter of 1997.  

Interest income of $562.8 million in the first quarter of 1998 was 17.7%
higher than the first quarter of 1997.  Average earning assets of $29.2
billion in the first quarter of 1998 were $5.8 billion higher than a year ago
and the average rate earned on earning assets was 7.83% compared with 8.31% a
year ago.  Primarily as a result of the acquisition of First Federal, average
residential mortgages increased to $10.0 billion (rate earned 6.93%) in the
first quarter of 1998 compared with $5.5 billion (rate earned 7.56%) in the
same quarter last year.   

Interest expense for the first quarter of 1998 was $274.4 million,
representing a 41.9% increase over the first quarter of 1997.  Average
interest bearing liabilities for the first quarter of 1998 were $24.7 billion, 
compared with $18.7 billion a year ago.  The average rate paid on interest
bearing liabilities was 4.51% compared with 4.20% a year ago.  The increase in
the rate paid on interest bearing liabilities was due to the acquisition of
First Federal that had a greater concentration of its deposits in higher cost
products and wholesale liabilities.  

The taxable equivalent net yield on average total assets for the current
year's first quarter was 3.77% compared with 4.65% in the 1997 first quarter. 
The net yields on average assets have declined primarily as a result of the
First Federal acquisition on March 1, 1997. Savings and loan associations,
such as First Federal, generally have narrower interest margins than
commercial banking institutions.
                                                                           
Other Operating Income

Total other operating income was $113.3 million in the first quarter of 1998,
compared with $80.0 million in the 1997 first quarter.  Fee income categories
of trust, service charges and other fees and commissions were up 20.5% during
the first quarter of 1998 compared with the first quarter of 1997, as a result
of recent acquisitions and improved product marketing.  Also, other operating
income included an $11 million gain on the sale of a $50 million credit card
portfolio in the 1998 period.
    
Other Operating Expenses

Other operating expenses were $192.7 million in the 1998 first quarter
compared with $182.7 million for the 1997 first quarter.  The minimal growth
in operating expenses, when considering the acquisition, resulted from the
successful integration and company-wide expense discipline.  The cost: income
ratio was 48.0% in the first quarter of 1998 compared with 50.1% for the first
quarter of 1997.  

Income Taxes

The effective tax rate was 35% in the first quarter of 1998 compared with 30%
in the same quarter of 1997.  Tax expense in the first quarter of 1997     
benefited favorably from the recognition of deferred losses associated with
prior acquisitions of related entities.




                                                                      11.


The deferred tax asset at March 31, 1998 was $50 million, net of valuation
reserve of $127 million, compared with $40 million, net of valuation reserve
of $131 million at December 31, 1997.

<TABLE>
<CAPTION>

Asset Quality

The following table provides a summary of the allowance for credit losses and
nonaccruing loans:

                              3 Months     3 Months        Year 
                                 Ended        Ended       Ended 
                               3/31/98      3/31/97    12/31/97 
                              --------     --------    --------             
                                       (in millions)
<S>                             <C>          <C>         <C> 
Allowance for Credit Losses
  Balance at beginning 
    of period                   $409.4       $418.2      $418.2 
  Allowance related to 
    acquired companies               -         40.3        40.3 
  Provision charged to income     19.5         18.4        87.4 
  Net charge offs                 22.2         33.4       136.5 
                                 -----        -----      ------   
  Balance at end of period      $406.7       $443.5      $409.4 
                                 =====        =====       =====

                               
                                March 31,   December 31,   March 31,
                                    1998         1997        1997 
                                --------    -----------    --------      
                                           (in millions)
Nonaccruing Loans
  Balance at end of period       $314.0       $311.1      $342.0 
  As a percent of loans 
    outstanding                    1.45%        1.44%       1.61%

Nonperforming Loans and Assets *
  Balance at end of period        $330.7      $322.8      $360.6 
  As a percent of total assets      1.03%       1.02%       1.12%

Allowance Ratios
  Allowance for credit losses 
  as a percent of:
    Loans                           1.88%        1.89%       2.09%
    Nonaccruing loans             129.52       131.62      129.70 


* Includes nonaccruing loans, other real estate and other owned assets.

</TABLE>

Provisions for credit losses were $19.5 million in the first quarter of 1998 
compared with $18.4 million in the first quarter of 1997.  Although still high
by historical standards, credit card delinquencies declined to 3.38% of credit
card outstandings at March 31, 1998 compared with 3.77% at December 31, 1997
and 4.84% at March 31, 1997.  The Company sold a $325 million credit card
portfolio in April 1998 at a premium.  This portfolio maintained significantly
lower delinquency rates in comparison to the remaining credit card portfolio. 
The delinquency rate for the credit card portfolio, excluding this sold
portfolio was 4.02% at March 31, 1998, compared with 4.57% at December 31,
1997 and 5.63% at March 31, 1997.  Net charge offs in the credit card
portfolio were $25.0 million and $29.4 million in the first quarters of 1998
and 1997, respectively.  This high level has partially been offset by
commercial loan net recoveries of $6.8 million in the first quarter of 1998
compared with net recoveries of $.5 million in the first quarter of 1997.  

The Company identified impaired loans as defined by FAS 114 totaling $173
million at March 31, 1998, of which $57 million had a specific credit loss 
allowance of $21 million.  At December 31, 1997, impaired loans totaled 
$153 million of which $54 million had a specific credit loss allowance of $21
million.  



                                                                       12.

Derivative Financial Instruments

As principally an end-user of off-balance sheet financial instruments, the
Company uses various derivative financial instruments to manage its overall
interest rate risk and to reduce the risk associated with changes in the
income stream of certain on-balance sheet assets and liabilities.  At March
31, 1998, $10.5 billion notional value of such positions, with an estimated
positive fair value of $66.6 million were outstanding.  At December 31, 1997,
$12.5 billion notional value of such positions, with an estimated positive
fair value of $64.0 million were outstanding.

The Company also maintains various derivatives in its trading portfolio to
offset risk associated with changes in market value of certain trading assets,
and to satisfy the foreign currency requirements of retail customers.  These
derivatives are carried at fair value.  At March 31, 1998, $1.0 billion
notional value of such positions with an estimated negative fair value of $.8 
million were outstanding.  At December 31, 1997, $1.2 billion of notional
value of such positions with an estimated negative fair value of $.2 million
were outstanding.

The Company's credit risk associated with off-balance sheet positions is not
considered material, since almost all derivative contracts are executed with
counterparties affiliated through common ownership.  Collateral is maintained
on these positions, the amount of which is consistent with the measurement of
exposure used in the risk-based capital ratio calculations under the banking
regulators' guidelines.

Liquidity

The Company maintains a strong liquidity position.  The size and stability of
its deposit base are complemented by its maintenance of a surplus borrowing
capacity in the money markets, including the ability to issue additional
commercial paper and access unused lines of credit of $300 million at March
31, 1998.  Wholesale liabilities were $7.2 billion, approximately the same
level as December 31, 1997. The Company also has strong liquidity as a result
of a high level of immediately saleable or pledgeable assets including its 
securities available for sale portfolio, mortgages and other assets.

Capital

Shareholders' equity was $2.0 billion at March 31, 1998, the same as at
December 31, 1997. 

Under risk-based capital guidelines, the Company's capital ratios were 9.18%
at the Tier 1 level and 13.12% at the total capital level at March 31, 1998. 
These ratios compared with 9.36% at the Tier 1 level and 13.38% at the total
capital level at December 31, 1997.  Tier 1 and total capital includes $400  
million in guaranteed mandatorily redeemable preferred securities issued by 
subsidiaries of the Company.  These securities are classified as long-term
debt on the consolidated balance sheet. 

Under guidelines for leverage ratios, the Company's ratio of Tier 1 capital to
quarterly average total assets was 6.71% at March 31, 1998 compared with 6.68%
at December 31, 1997.

<TABLE>
<CAPTION>


                                                                       13.

                                                        HSBC Americas, Inc.
-----------------------------------------------------------------------------
CONSOLIDATED AVERAGE BALANCES AND INTEREST RATES*

                                First Quarter 1998      First Quarter 1997
                              Balance  Interest  Rate Balance  Interest  Rate
-----------------------------------------------------------------------------
                                               in millions
<S>                            <C>      <C>    <C>     <C>      <C>    <C>   
Assets
Interest bearing deposits 
  with banks                   $ 2,007  $ 29.6  5.99 % $ 1,221  $ 17.1  5.69 %
Federal funds sold and
  securities purchased under
  resale agreements                885    12.3  5.64     1,152    14.8  5.20
Trading assets                     942    14.4  6.10       968    14.1  5.83
Securities                       3,870    59.0  6.18     3,161    48.1  6.18
Loans
  Domestic                                               
    Commercial                   7,995   178.6  9.06     7,272   168.9  9.42
    Consumer                                 
         Residential mortgages   9,967   172.8  6.93     5,513   104.2  7.56
         Other consumer          2,916    85.7 11.92     3,339    99.8 12.11
-----------------------------------------------------------------------------
      Total domestic            20,878   437.1  8.49    16,124   372.9  9.38
  International                    592    11.0  7.56       751    12.1  6.53
-----------------------------------------------------------------------------
      Total loans               21,470   448.1  8.46    16,875   385.0  9.25
-----------------------------------------------------------------------------
Total earning assets            29,174  $563.4  7.83 %  23,377  $479.1  8.31 %
-----------------------------------------------------------------------------
Allowance for credit losses       (408)                   (419)
Cash and due from banks          1,113                     957
Other assets                     1,198                     994
-----------------------------------------------------------------------------
Total assets                   $31,077                 $24,909
=============================================================================
Liabilities and Shareholders' Equity
Interest bearing demand
 deposits                      $ 2,086  $  5.9  1.14 % $ 1,841  $  5.3  1.18 %
Consumer savings deposits        5,514    36.8  2.71     4,687    35.8  3.09
Other consumer time deposits     6,285    87.8  5.66     4,862    61.4  5.12
Commercial, public savings
 and other time deposits         2,750    29.3  4.31     1,900    18.7  3.99
Deposits in foreign offices,
 primarily banks                 2,823    37.2  5.35     1,499    18.3  4.96
-----------------------------------------------------------------------------
Total interest bearing deposits 19,458   197.0  4.10    14,789   139.5  3.83
-----------------------------------------------------------------------------
Federal funds purchased and 
 securities sold under 
 repurchase agreements           1,134    16.0  5.74     1,307    16.9  5.26
Other short-term borrowings      2,444    34.8  5.77     1,198    15.3  5.18
Long-term debt                   1,615    26.6  6.70     1,362    21.6  6.42
-----------------------------------------------------------------------------
Total interest bearing 
  liabilities                   24,651  $274.4  4.51 %  18,656  $193.3  4.20 %
-----------------------------------------------------------------------------
Interest rate spread                            3.32 %                  4.11 %
-----------------------------------------------------------------------------
Noninterest bearing deposits     3,721                   3,804
Other liabilities                  613                     423
Shareholders' equity             2,092                   2,026
-----------------------------------------------------------------------------
Total liabilities and
 shareholders' equity          $31,077                 $24,909
=============================================================================
Average earning assets
           - Domestic          $26,941                 $21,257
           - International       2,233                   2,120
-----------------------------------------------------------------------------
           - Total             $29,174                 $23,377
-----------------------------------------------------------------------------
Net interest revenue
           - Domestic                   $275.3                  $268.9
           - International                13.7                    16.9
-----------------------------------------------------------------------------
           - Total                      $289.0                  $285.8
-----------------------------------------------------------------------------
Net yield on average earning assets
           - Domestic                           4.15 %                  5.13 %
           - International                      2.48                    3.24
           - Total                              4.02                    4.96
-----------------------------------------------------------------------------
Net yield on average total assets               3.77                    4.65
=============================================================================
* Interest and rates are presented on a taxable equivalent basis.

</TABLE>

                                                                           14.


Part II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K

(a)Exhibits
   None

(b)Report on Form 8-K
   None





                                                                           15.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf by the

undersigned, thereunto duly authorized.





                                                HSBC Americas, Inc.
                                                    (Registrant)





Date:  May 13, 1998                     /s/       Gerald A. Ronning          
                                                  Gerald A. Ronning
                                        Executive Vice President & Controller
                                             (On behalf of Registrant and
                                              as Chief Accounting Officer)