M&A Deal Summary

Cathay General Bank Acquires HSBC Bank USA - 10 Branches

On May 26, 2021, Cathay General Bank acquired financial services company HSBC Bank USA - 10 Branches from HSBC Bank USA

Acquisition Highlights
  • This is Cathay General Bank’s 2nd transaction in the Financial Services sector.
  • This is Cathay General Bank’s 2nd transaction in the United States.
  • This is Cathay General Bank’s 1st transaction in New York.

M&A Deal Summary
Date 2021-05-26
Target HSBC Bank USA - 10 Branches
Sector Financial Services
Buyer(s) Cathay General Bank
Sellers(s) HSBC Bank USA
Deal Type Divestiture

Target

HSBC Bank USA - 10 Branches

New York, New York, United States
HSBC's business includes 10 HSBC branches and purchase and assume additional deposit liabilities and assets, including residential mortgage loans, retail business banking loans, and personal loans associated with HSBC's West Coast mass retail market consumer banking business and retail business banking business.

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Buyer(S) 1

Buyer

Cathay General Bank

Los Angeles, California, United States
Category Company
Founded 1962
Sector Financial Services
Employees1,246
Revenue 810M USD (2023)
DESCRIPTION

Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Cathay Bank offers a comprehensive range of financial services, including personal and business banking, loans, mortgages, and investment services. Cathay General Bank was founded in 1962 and is based in Los Angeles, California.

DEAL STATS #
Overall 2 of 2
Sector (Financial Services) 2 of 2
Type (Divestiture) 2 of 2
State (New York) 1 of 1
Country (United States) 2 of 2
Year (2021) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-08 SinoPac Bancorp.

Los Angeles, California, United States

SinoPac Bancorp. is a provider of financial services through its Far East National Bank.

Buy $340M

Seller(S) 1

SELLER

HSBC Bank USA

New York, New York, United States
Category Company
Founded 1865
Sector Financial Services
DESCRIPTION

HSBC Bank USA is the largest banking and financial services organization that has been connecting Americans to global opportunities. HSBC Bank USA serves customers from offices and branches in cities across the United States including New York, Los Angeles, Chicago, Atlanta, Houston, Seattle, Miami, San Francisco, and Washington, DC. HSBC Bank USA was established in 1865 and is based in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Divestiture) 1 of 1
State (New York) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Mergr

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