Monday July 18, 2011

HSBC Tries to Peddle Upstate NY Branches

Oswego, Fulton locations on the sales block
By Lou Sorendo

    HSBC has placed its upstate New York bank branches up for sale in addition to its credit card business.

    HSBC has branches at 100 E. First St., Oswego, and at 1 S. First St., Fulton.

    The American Banker reports that preliminary bids were due recently for about 175 branches. A decision is reportedly expected within several weeks.

    The deal does not include HSBC's 200 branches in the New York City area.

    The American Banker reports that the HSBC decided to sell the upstate branches and credit card portfolio separately after attempts to deal them as a package proved unsuccessful.

    “As part of its U.S. strategy, HSBC has announced a review of the markets in which we operate retail branches to determine the optimal size and position of our branch network,” said Neil Brazil, vice president-public affairs, HSBC North America.

    “For our customers, it is business as usual and we are committed to continuing to provide them with a positive experience,” he added.

    Brazil said the review process is under way.

    “We will communicate key updates to our employees and other stake-holders in our markets,” he added.

    Fred Aldrich, the Oswego branch manager, refused further comment as to the status of the Oswego and Fulton branches.

    Former Hong Kong Shanghai Banking Corporation acquired Marine Midland in the 1980s.