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HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat

May 27, 2021

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Pending regulatory approval, the deals with Citizens and Cathay are expected to close by the first quarter of 2022.

The acquisition is slated to give Citizens Bank 800,000 new customer relationships and a foothold in several strategic markets, including the New York City area — home to 66 of Citizens’ 80 new branches — as well as Southeast Florida and Washington, D.C.

“This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S.,” Brendan Coughlin, Citizens Bank’s head of consumer banking, said in a statement Wednesday.

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