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Buffalo would become headquarters for the nation's 12th largest bank when the parent of former Marine Midland Bank completes its planned $10.3 billion acquisition of Republic New York Corp.
London-based HSBC Holdings plc announced May 10 that it will fold much of Republic, which has a large New York City branch network and a global private banking business, into HSBC Bank USA, which is largely based in Buffalo. Marine changed its name to HSBC this year.
If the acquisition goes through, HSBC Bank USA will have the third-largest New York banking network after Chase Manhattan Corp. and Citigroup Inc. Its patent company will be the world's sixth-largest bank With assets of $533 billion.
James Cleave, a former Marine Midland president and CEO, is in charge of integrating Republic into the HSBC Group. Cleave, in a telephone interview from his New York City office, said he will stay on for up to one year …