Global banking group HSBC has completed the sale of 195 US retail branches to First Niagara Bank, first announced in July last year.
HSBC's wholly-owned subsidiary, HSBC Bank USA, received $0.9bn for the branches (based on figures at April 30th 2012), primarily in upstate New York.
The sales is part of the group's strategy outlined in May 2011 to "align our US business with our global network and meet the local and international needs of domestic and overseas clients"
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At the end of last month, the branches held around $14.5bn in deposits and over $4bn of brokerage and insurance assets under management. Outstanding loans to customers totalled $2.2bn.
"HSBC Bank USA NA, remains committed to serving and further developing corporate banking relationships in Upstate New York, including the provision of a full suite of international commercial banking offerings, including trade and cash management products and services," the firm said on Monday morning.
BC
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
