HSBC Selling Upstate Branches, According to Report

June 17, 2011 Updated Jun 17, 2011 at 7:02 PM EDT

By John Borsa

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June 17, 2011 Updated Jun 17, 2011 at 7:02 PM EDT

BUFFALO, NY (WKBW) - HSBC Holdings PLC is looking to sell its Upstate New York bank branch business, according to a report in American Banker.

The report cites unnamed sources.

Preliminary bids for about 175 branches were due Monday. A decision is expected within four to six weeks, according to the article by Matthew Monks.

Likely buyers include M&T Bank Corp. or First Niagara Financial Group Inc. and KeyCorp, the report said.

The sale would not include about 200 branches in New York City.

HSBC employs about 5,000 in Western New York at branches and major centers in downtown Buffalo and Cheektowaga.

The company is currently undergoing a global strategy to trim $3.5 billion in costs.

Eyewitness News is following this developing story.