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Citizens to Buy Investors Bancorp in $3.5 Billion NYC Push

  • Deal follows agreement to purchase 80 HSBC branches in U.S.
  • Citizens will top $200 billion in assets after the takeover
A Citizens Financial Group Inc. bank branch in Boston, Massachusetts.
Photographer: Scott Eisen/Bloomberg
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Citizens Financial Group Inc. agreed to buy Investors Bancorp Inc. in a $3.5 billion deal that will give it a bigger presence in New York City and Philadelphia.

The cash and stock transaction will give Citizens roughly $27 billion of assets, bringing its total above $200 billion, and is expected to be completed in the first half of next year, the banks said in a statement Wednesday.