Deals
HSBC to Sell 195 Branches to First Niagara for $1 Billion
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HSBC Holdings Plc, Europe’s largest bank by market value, agreed to sell its upstate New York branch network to First Niagara Financial Group Inc. for about $1 billion as it pares U.S. operations.
The price amounts to a 6.7 percent premium for the $15 billion of deposits First Niagara is acquiring along with 195 branches in New York and Connecticut, London-based HSBC said yesterday in a statement.