HSBC deal

PUBLISHED : Tuesday, 11 May, 1999, 12:00am
UPDATED : Tuesday, 11 May, 1999, 12:00am


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HSBC Holdings is buying an American bank for US$10.3 billion (HK$80 billion). The acquisition of Republic New York Corporation and its Luxembourg-based private banking group Safra Republic Holdings will make HSBC one of the largest banking groups on the US east coast.

It is the single largest takeover by HSBC and the biggest foreign takeover of an American bank.