Citizens Financial Group’s Acquisition of HSBC East Coast Branches and National Online Deposit Business

Citizens Financial Group's Acquisition of HSBC East Coast Branches and National Online Deposit Business

Debevoise & Plimpton LLP advised Citizens Financial Group, Inc. in the transaction.

Citizens Financial Group, Inc. closed its acquisition of 80 East Coast branches and the national online deposit business from HSBC Bank USA, N.A. 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.

Citizens is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. HSBC Bank USA, N.A. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments.

The Debevoise team was led by banking partner Gregory Lyons (Picture) and included Clare Lascelles and Ezra Newman, real estate partner Nicole Mesard and associate David Saltzman, benefits partner Lawrence Cagney and tax associate Jay Evans.

Involved fees earner: Lawrence Cagney – Debevoise & Plimpton; Jay Evans – Debevoise & Plimpton; Clare Lascelles – Debevoise & Plimpton; Nicole Levin Mesard – Debevoise & Plimpton; Gregory Lyons – Debevoise & Plimpton; Ezra Newman – Debevoise & Plimpton; David Saltzman – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Citizens Financial Group, Inc.;

Martina Bellini

Author: Martina Bellini