HSBC completes sale of New York branch network
Global banking group HSBC has completed the sale of 195 US retail branches to First Niagara Bank, first announced in July last year.
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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Problems with your water supply? You could get up to £2,000 compensation
Water companies have been forced to increase the amount of compensation they pay customers for failures. We explain who is eligible
-
Investment trust boards are rushing to sell at a discount
Persistent discounts seem to be making investment trust boards too hasty about backing opportunistic offers