Critic of HSBC eMarketing
It's wise that HSBC switch to email marketing to save cost and save the Earth. The subject line is fine, for exmaple, "New Experience on Business Internet Banking" is not hard-sell.
Display Name
However, HSBC failed to identify itself. The display name is "commercial.e-marketing", why not "HSBC Commercial Banking". They simply forget to set the display name. Display name is crucial factor that affect recipient whether open the email or not. We recommend display name like "HSBC Commercial Banking".

Images
Most email clients block image for privacy reason, thus text with image will let receipient able to read the contents. HSBC failed to split text and image but just merge text into image. We recommend text with image background or illustration.

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