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WATKINS GLEN
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Watkins bank is part of HSBC sale

    WATKINS GLEN—The Watkins Glen branch of HSBC Bank USA is one of 183 locations in upstate New York that is being sold to First Niagara Bank.
    HSBC made the announcement, July 31, 2011.  According to HSBC’s Web site, all branches will continue to operate while the sale is being finalized.  The all-cash transaction is expected to close in early 2012, subject to regulatory approvals and other customary closing conditions.
    HSBC is telling customers that upon completion of the sale, they will be provided with a seamless transfer of current banking arrangements.  Since the sale was just announced, HSBC said it does not know when it will be finalized.  The bank added that at this time there are no actions required by HSBC customers.
    The Web site said there are currently no changes to any of the deposit, loan, credit card or investment products or services.  As of today, the ATM network continues to operate without change. Upon completion of the sale, the HSBC ATM network across upstate New York will be transferred.
    “There will be no changes to customer accounts or branches until after the transaction is completed, and First Niagara and HSBC are already collaborating to ensure a smooth transition for the businesses and individuals they serve,” said First Niagara in a press release.
     “HSBC has been undergoing a review of the markets in which we operate globally to reposition our businesses around our vision to become the leading international bank,” the bank said on its Web site.  “As an outcome of this analysis, HSBC is selling its retail branch network in Upstate New York.”
    HSBC reached an agreement to sell the retail branches to First Niagara Bank for 6.67 percent of the deposits to be transferred on closing.  Based on May 31 figures, the consideration would represent approximately $1 billion.

 


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