Last week HSBC Bank USA, a wholly-owned subsidiary of HSBC Holdings PLC, announced that it had completed the acquisition of the Chase Manhattan Bank's branch operations in Panama, a deal which was originally announced on May 2. The transaction was effective from August 1.
Under the terms of the deal HSBC Bank USA will acquire Chase’s full-service, stand-alone bank business, which includes retail and wholesale operations. HSBC will take over 11 full-service branches in total - seven branches in Panama City, two in Colon City, one in David and one in Chitre. At 31 December 1999, Chase’s Panama branch operations had approximately US$752 million in assets and US$27 million in net book value.
HSBC already has a presence in Panama via HSBC Bank PLC, with five retail branches and a franchise in corporate business. HSBC plans to file applications with regulatory authorities to transfer ownership of its existing Panama business from HSBC Bank PLC to HSBC Bank USA. The combined business, which will be named HSBC Bank USA Panama Branch, will be the largest lender to corporations in Panama and the Colon Free Zone.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment