HSBC Holdings sells 195 of its US branches

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HSBC Holdings plc concluded the sale of 195 of its US branches, mostly located in New York, to First Niagara Bank, N.A., a wing of First Niagara Financial Group Inc. They were sold for approximately $1 billion in cash and the sale was a part of HSBC's strategic revamp. Last year, HSBC had outlined a strategy to restructure its business and curtail costs up to $3.5 billion by 2013. May 25, 2012
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