The HSBC bank branch at 108 Danbury Road in Ridgefield will soon become a First Niagara Bank, according to a report on HartfordBusiness.com.

The change comes as HSBC, the second largest global bank, seeks to divest itself of certain assets in an effort to shrink its operations and become more efficient under the leadership of new CEO Stuart Gulliver. In July HSBC announced that it was selling 195 branches in New York and Connecticut for about $1 billion to First Niagara.

As part of its antitrust clearance with the U.S. Justice Department, First Niagara will sell 37 of the branches it is buying in New York State to KeyBank for about $110 million, but will keep the branches it acquired in Connecticut, according to the HatfordBusiness.com report.

First Niagara has also acquired HSBC branches in Fairfield, Monroe, Shelton and Wilton, according to the report.

In August it was announced that Capital One Financial Corp. had agreed to acquire HSBC's U.S. credit card business for $2.6 billion, netting HSBC Holdings an estimated after tax profit of $2.4 billion.