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KeyBank to buy HSBC branches

KeyBank is moving ahead with its plans to buy 37 New York branches from HSBC.

21 June 2012

Business negotiations are still ongoing between HSBC and KeyBank National Association, with KeyBank on-track to purchase 37 of HSBC's retail banking branches.

These corporate properties are in the New York, with 11 in or around the region of Rochester and 26 of them in the Buffalo area.

It will add around $400 million (£254.7 million) in loans and $2.4 billion in deposits to KeyBank's holdings, while bringing the number of branches the firm operates in these regions to 99.

The company claims this deal will boost its ability to provide "exceptional service" to its clients in business and consumer banking, as well as those involved in wealth management.

Customers of HSBC in the districts have been provided with a KeyBank 'welcome kit', which KeyBank claims should help them seamlessly transition to their new lender.

HSBC also recently completed the sale of 195 upstate New York retail branches to First Niagara Bank for a total consideration of $0.9bn.

Source: KeyBank press release, June 21st

Posted by Ken Hayes

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