HSBC announced yesterday (31 July) that a contract had been drawn up that will see these outlets - which are primarily located in New York - be sold to First Niagara for a sum equal to a premium of 6.67 per cent of deposits to be transferred upon closure.
This is thought to represent a figure of around $1 billion (Â£609 million) and HSBC has pledged to continue to develop its corporate banking structure in the north-eastern state, while also informing customers its services will remain unaffected throughout the transaction.
Niall Booker, group managing director and chief executive officer of HSBC North America, commented: "HSBC is committed to the US and leveraging our international network and skill-set, which are our competitive advantages."
Meanwhile, HSBC also revealed today that its pre-tax profit has grown to $11.5 billion as it continues its post-recession recovery.
By Asim Shah