HSBC's Marine Midland raises US profile with bank takeover

HSBC Holdings' main United States arm, Marine Midland, took over tiny First Commercial Bank of Philadelphia in Pennsylvania yesterday. Marine Midland said the US$23.75 million deal would enable it to build a stronger presence in the Asian banking market in the US. First Commercial has about $90 million in assets, and $78 million in deposits, and operates two branches serving mainly Asian customers.