DOJ Has HSBC, First Niagara Drop Branches In $1B Deal

Law360, New York (November 10, 2011, 4:09 PM EST) -- HSBC Bank USA NA and First Niagara Bank NA have agreed to shed several Buffalo, N.Y.-area bank branches before First Niagara acquires HSBC’s upstate New York banking network for about $1 billion, U.S. antitrust regulators said Thursday.

Under an agreement with the U.S. Department of Justice, HSBC and First Niagara agreed to sell 26 HSBC bank branches in Erie, Niagara and Orleans counties in New York to resolve antitrust concerns.

“With the divestiture, consumers and small businesses in the Buffalo area will continue to enjoy the...
To view the full article, register now.