LONDON - HSBC Holdings PLC said Thursday that it will buy selected portfolios from the trade finance business of State Street Corp.'s Global Trade Banking Division for $7.8 million in cash.
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The deal includes approximately $590 million of trade finance facilities in Hong Kong, Taiwan, Boston, Los Angeles, and London, HSBC said.
"This acquisition fits with our strategy of growing HSBC's share of trade and commercial lending," said Bob Dungey, the head of HSBC Group Trade Services.
