The branches to be acquired will operate as HSBC branches until closing and will be re-branded as Citizens branches immediately upon closing of the transaction. area, and 5 locations in Southeast Florida. The 80 branch purchase includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. We look forward to serving these new customers and showing them all that Citizens can do for them.” It complements our existing franchise and helps advance our digital-first national expansion strategy, giving us a strong foundation to drive further growth and gain scale. “This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. “We are excited to welcome the HSBC employees and customers to Citizens,” said Brendan Coughlin, Citizens Head of Consumer Banking. In addition, the $7 billion net deposit position provides us significant long-term funding flexibility in support of our attractive loan growth opportunities.” “With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. and Southeast Florida markets,” said Chairman and CEO Bruce Van Saun. “This transaction provides us with an attractive entry into the important New York City Metro, Washington D.C. The branch acquisition extends Citizens’ physical presence to several attractive markets and adds approximately 800 thousand new customers. The transaction is expected to be immediately accretive to Citizens’ earnings per share and generate an internal rate of return of approximately 20 percent. Under the agreement, Citizens will acquire approximately $9.0 billion in deposits and approximately $2.2 billion in loans for a 2.0 percent premium paid on deposits at closing. has entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A. (NYSE: CFG or “Citizens”) today announced that Citizens Bank, N.A. PROVIDENCE, R.I.-( BUSINESS WIRE)-Citizens Financial Group, Inc.
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