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HSBC Branch Sale: The Known And The Unknown

Tuesday, August 2, 2011 - 11:20 AMHSBC - Details
From Business First
There's a lot more clarity in the air following the July 31 announcement that First Niagara Financial Group Inc. plans to buy 195 retail branches from HSBC Bank USA N.A. for $1 billion in cash.

Now we know:

• The intended buyer of the franchise – which includes 183 branches in Upstate New York, six branches north of New York City and six branches in Connecticut – and the $15 billion in deposits held by those branches.

• The general timeline of the transaction, expected to wrap in early 2012, pending regulatory approvals.

• That First Niagara plans to sell or shut down some of the acquired branches to save money and....

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Oct 15, 2010
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