HSBC to sell 195 retail banking branches in US

LONDON (AP) — British banking company HSBC says it will sell 195 of its retail banking branches in the United States to First Niagara Bank.

The bank said Monday most of the branches are in upstate New York, and will be sold for around US$1 billion, or a 6.6 percent premium of deposits.

The sale will be carried out through HSBC's wholly owned subsidiary HSBC Bank USA, N.A.

As of 31 May, the branches held approximately US$15 billion in deposits, US$15 billion in gross assets — including US$2.8 billion in loans — and US$4.3 billion in assets under management.

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