Citizens Financial completed the acquisition of the 80 East Coast branches and national online deposit business from HSBC.

Citizens Financial, a provider of consumer banking services, completed the acquisition of 80 East Coast branches and national online deposit business from HSBC, an investment banking firm. Financial terms were not disclosed. “This transaction provides us with an attractive entry into the important New York City Metro, Washington and Southeast Florida markets. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. In addition, the $7bn net deposit position provides us significant long-term funding flexibility in support of our attractive loan growth opportunities," Bruce Van Saun, Citizens Financial Chairman and CEO.