NEW YORK STATE -- One hundred ninety five of HSBC's Bank branches across New York State will soon begin the transition to First Niagara, after an agreement was signed between the two companies this weekend.
The deal is expected to be finalized by early next 2012, and is subject to regulatory approval and customary closing conditions.
First Niagara expects to be hiring more people once everything's said and done, boosting its workforce from 4,000 employees to 6,000, when it expands across New York into New England and Pennsylvania.
HSBC says most of the current employees will retrained by First Niagara.
Governor Cuomo said "... This purchase is good news for New York because First Niagara is a New York company that has a record of growth and creating jobs in upstate New York and with this deal it is showing that it is poised to continue and expand this important commitment to our state and our workforce.