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Albany, NY – HSBC said Sunday it will sell 195 retail bank branches, most located in upstate New York, to First Niagara Bank in a deal worth about $1 billion. WAMC's Tristan O'Neill reports...
The banks represent about $15 billion in deposits. The sale is part of HSBC Holdings PLC's strategy, presented to investors in May, to shift its focus away from retail banking to commercial and corporate banking.
The companies expect the transaction to be completed early next year, according to statements from both. First Niagara Financial Group Inc., based in Buffalo, N.Y., said it expects to retain the 1,900 workers currently employed by the affected banks.
Also included in the sale are six HSBC branches in Westchester County and southern Connecticut.
Tristan O'Neill, WAMC News.
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