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HSBC To Sell Upstate New York Branches

Friday, June 17, 2011 - 9:57 AMHSBC - Details
From American Banker
HSBC Holdings PLC has stepped up its retreat from the U.S. by officially putting its upstate New York retail franchise on the block in addition to its credit card portfolio.

Preliminary bids were due Monday for about 175 branches, with a decision expected in four to six weeks, according to a person familiar with the matter. The branches are expected to fetch a deposit premium of 4% to 6%, based on recent premiums paid for comparable branches, this person said.

The deal does not include HSBC's roughly 200 branches in the New York City area, although it may sell some locations in New Jersey and on Long Island....

WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
1. Friday, June 17, 2011 - 12:19 PM
Looks like the Out of country banks are bailing Out of the USA

Sign of the times?

Billy Jack and Bobby Sue......."Get the money and run"
RicochetRicochet133 posts since
Jan 19, 2010
Rep Points: 364