By  Updated on Fri Jun 22, 2012

KeyBank Plans for Acquisition of HSBC Branches, Customers

KeyBank Plans for Acquisition of HSBC Branches, Customers

Rolando Pujol / Flickr source

KeyBank has released the plans for the conversion of some HSBC branches in upstate New York. Impacted customers will receive notices for the transition of their accounts and finances, which is expected to begin on Friday, July 13.

“We’ve been working very closely with HSBC to ensure a smooth customer conversion,” said Bill Koehler, president of Key Community Bank, in a prepared statement.

“During conversion weekend and for several weeks afterwards, Key will have additional staff in our branches and call centers to answer questions and respond to customer needs. We will also offer extended branch hours in all of our locations in these markets on Tuesdays, Thursdays and Saturdays for a period of time after conversion to ensure a quality customer experience.”

In January, KeyBank announced that it will acquire 37 HSBC branches and the customers that belong to those branches. Some $2.4 billion in deposits and $400 million in loans will be moved to KeyBank.

HSBC sold 195 branches, mostly in the Buffalo and Rochester areas of upstate New York, as part of a strategy to re-focus operations on the international sector. KeyBank acquired some of the branches to help bolster market share in this region. The remaining 158 branches were acquired by First Niagara Bank.

Important reminders

KeyBank has posted a checklist of the exact changes that will occur to affected accounts, so that customer can be prepared.

Customers should receive a new ATM/debit card and the PIN by July 5 and new KeyBank checks by July 12. Beginning on the afternoon of July 13, a Friday, customers will have to start using their KeyBank cards. Customers can start using KeyBank online bank on July 16.

HSBC credit cardmembers can expect their card to be converted in September — more information will be included in notices to be sent out in coming months.

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