HSBC To Sell Upstate New York Branches

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....