HSBC Holdings Plc (HBC: Quote,HSBA.L) has completed the sale of its 195 retail branches, primarily in Upstate New York, to First Niagara Bank, N.A. for around $0.9 billion, the UK-based lender said in a regulatory filing with the Hong Kong Exchange.
The lender had announced on July 31 that its wholly-owned subsidiary HSBC Bank USA, N.A. and other wholly-owned subsidiaries, had agreed to sell these branches.
The sale was completed on May 18. The consideration of $0.9 billion received is based on figures at April 30.
As of April 30, the branches held about $14.5 billion in deposits and over $4 billion of brokerage and insurance assets under management. The branches had outstanding loans to customers of $2.2 billion as of the same date.
"HSBC Bank USA, N.A. 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 filing added.
HBC closed on Friday at $40.36, down $0.73 or 1.78 percent, on a volume of 4.58 million shares.
HSBA.L settled down 2.2 percent at 509.60 pence on 53.68 million shares.
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by RTT Staff Writer
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