PROVIDENCE – Citizens Financial Group Inc. on Tuesday announced it had closed the deal to acquire 80 branches and the national online deposit business for HSBC U.S. NA.
The acquisition, which closed on Feb. 18, will give the parent company of Citizens Bank an estimated 800,000 new customer accounts and expand its physical footprint, with new branches primarily in New York City metro area, along with a handful in the mid-Atlantic and southeast Florida, the release stated.
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Citizens will also add 500 former HSBC employees to its workforce, with more hirings planned, Chairman and CEO Bruce Van Saun said in a statement.
Citizens first announced the deal in May 2021, after the London-based parent company of HSBC U.S. refocusing its attention away from the U.S. to Asia. HSBC Holdings sold off 90 of its 148 U.S. branches and said it was “winding down” activities at the remaining locations, some of which would be repurposed as international wealth centers.
The expansion is one of several acquisitions announced by Citizens in 2021, alongside the $3.5 billion deal to pick up 154 branches of Investors Bancorp Inc. That deal is expected to close in the first or second quarter of the year.
Combined with our pending acquisition of Investors Bancorp, these new branches will fill an important gap in our retail footprint while giving us a top-10 deposit ranking in the key New York City Metro market,” Van Saun said in a statement.
The terms of the HSBC acquisition were not disclosed.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
