(HSBC) has sold a number of credit card accounts to First Bank & Trust. Noel Quinn, Group Chief Executive of HSBC, said: We are pleased to announce the sale of the domestic mass market of our US retail banking business. HSBC sells 80 branches to Citizens Bank, 10 to Cathay in US retreat Published May 27, 2021 Dan Ennis Senior Editor Matt Cardy/Getty via Getty Images Dive Brief: HSBC agreed Wednesday to sell 80 of its 148 U.S. branches to Providence, Rhode Island-based Citizens Bank, and 10 West Coast branches to Los Angeles-based Cathay Bank. The updated policy will support the transition towards a net zero future by 2050 or sooner. HSBC is uniquely positioned to capture more of this US$5 trillion market. If youre calling from outside the US or Canada, please call, for chat support and the most up-to-date information about the transition, including answers to frequently asked questions and when you can expect new account details. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement credit card with a replacement account number, which you should receive by early September. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. HSBC's two local. In February 2022, HSBC Bank USA, N.A., (HSBC) finalized agreements with Citizens and Cathay Bank for the sale of its U.S. mass market retail banking businesses. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. HSBC has 16 branches on Long Island. A presentation providing additional information on the transaction is available at https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, Cautionary Statement About Forward-Looking Statements. ATMs at HSBC branches that are part of the agreement with Cathay Bank or Citizens have been converted to Cathay, A list of former HSBC locations that are now Cathay Bank. We look forward to serving these new customers and showing them all that Citizens can do for them.. What is the impact on my investment or insurance relationships? It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. It also plans to wind down around 35 . As of February 1st Standard Chartered Bank in HK and London, is now trading these FX Derivatives, with full accountability, insurance wraps and market acceptance and this is the tip of the iceberg. At 31 March 2021, US WPB had loans and advances to customers of US$23.8bn, customer accounts of US$47.8bn and risk weighted assets of US$15.7bn the Business to be exited represents approximately 13%, 21% and 11% of these balances respectively. Citizens Bank has entered into an agreement to purchase the East Coast domestic mass market and retail business banking businesses as well as the online bank portfolio, including 80 branches and approximately 800,000 customer relationships with c. US$9.2bn in deposits and US$2.2bn of outstanding loans as at 31 March 2021. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. Information about the HSBC Bank Wealth Centers is available at. HSBC Commercial Banking customers who utilized Night Drop have been notified and can contact their Relationship Manager or branch team to learn about steps to take to continue Night Drops. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. HSBC Bank USA, N.A. I have accounts that are part of the agreement with Citizens or Cathay Bank. Citizens Bank still expects the deal to close early in the second quarter. Quinn has previously argued that the US remains a necessary market for its aspirations as an international bank, but needed to be smaller and more focused. British bank HSBC Holdings PLC announced Wednesday that it will sell most of its retail locations across the U.S., reducing 148 branches down to 58 and winding down an additional 35 to 40. It was also important for us to find buyers who would be a good fit for our customers and employees.. Your HSBC ATM/debit card and transitioned credit cards are deactivated. First Bank & Trust's experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale. Do I need to re-enroll? We are repositioning our US retail business by renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. Further, the. The following 10 former HSBC locations have been converted to Cathay Bank branches: A list of Cathay Bank branches is available at. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. Investments that are not held in your brokerage account, such as annuities or 529 College Savings plans, were not included in the agreement to transfer certain accounts to Citizens. If you are enrolled in a program that offers rewards, and your account is open and in good standing: You can redeem existing rewards with HSBC until 3:30 PM ET, September 15, 2022, at, After 12:00 PM ET, September 19, 2022, you can begin redeeming rewards at. Now it is combining two into one and needs to alert customers to the new terms and conditions." HSBC's US retail banking business struggled to be profitable in recent years as interest rates fell to historic lows, affecting the ability of banks to make money on traditional lending and other products tied to rates. Dont forget to update account information with your depositor. If you're calling from outside the US or Canada, please call 1 . Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, or target. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. If only some of your accounts were transferred, those accounts have been moved from HSBC. PF|CP will have your last 13 months of HSBC statements, which you can access when you enroll in PF|CP online banking at, If you think you may need any HSBC statement history prior to 13 months, please download these statements prior to September 15, 2022, by going to HSBC. The bank bought boutique firms JMP Group and DH. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. Citizens Buys HSBC Branches and Scales Up Expansion Loaded 0% - Series Citizens Bank Buys HSBC Branches and Scales Up National Expansion June 29, 2021 17:00 PM PST - Updated June 30, 2021. I am currently enrolled in a hardship program. If you believe you are subject to protection under the Bankruptcy Code, please contact our Customer Service Department at your earliest convenience so that we can update the records applicable to this account, if appropriate. PROVIDENCE, R.I., February 22, 2022--Citizens Financial Group, Inc. (NYSE: CFG or "Citizens") today announced the closing of its previously announced acquisition of 80 East Coast branches and the . Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. In addition, the $7 billion net deposit position provides us significant long-term funding flexibility in support of our attractive loan growth opportunities., We are excited to welcome the HSBC employees and customers to Citizens, said Brendan Coughlin, Citizens Head of Consumer Banking. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. Will my existing rewards balance transfer to my PF|CP account? HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. (HSBC) has sold a number of credit card accounts to First Bank & Trust. British bank HSBC Holdings PLC announced Wednesday that it will sell most of its retail locations across the U.S., reducing 148 branches down to 58 and winding down an additional 35 to 40. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. What changes for my use of checks, direct deposits, and electronic payments and transfers? Please be aware that the external site policies, or those of another HSBC group website, may differ from this website's terms and conditions and privacy policy. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). After 12:00 PM ET, September 17, 2022, you can re-enroll at. Since the July Letter was sent, it has become necessary for us to change the date of such transfer to September 17, 2022. You can visit the PF|CP Coming Soon page now by going to. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account. Terms of the. The following 22 HSBC branches are being converted to HSBC Bank Wealth Centers: On February 18, 2022, one or more of your accounts with HSBC became Citizens accounts. The transactions are expected to close by the first-quarter of next year and HSBC said it expects to incur US$100,000 of pre-tax costs in connection with the sales. Lloyds Banking Group has also confirmed that it will proceed with the closure of 56 branches this year - across its Lloyds, Halifax and Bank of Scotland brands - a move which it had paused . Which accounts transitioned? Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. Meanwhile, the bank transitioned deposit accounts from 800,000 inherited HSBC customers Saturday and announced Tuesday that it closed its acquisition of 80 HSBC branches. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc. HSBC Holdings plc, the parent company of HSBC, is headquartered in London. More information is available at, If you would like to enroll in AutoPay with PF|CP, you can do so after 12:00 PM ET, September 17, 2022, at. Member FDIC. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. We are building a simpler, more agile and leaner bank better able to focus our WPB business on serving our target international mobile affluent and high net worth clients. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. Reoccurring merchant auto-pay ACH debits until May 5, Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts, Wires received to your transferred HSBC account until April 7, One-time future dated payments to Personal Loan. Begin using Cathay Bank checks on February 7. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. You will continue to earn rewards during the transition of your account. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. Feel free to call us if there are any questions. Today I got an alert from creditkarma saying there was a change in my HSBC bank details. Which HSBC locations transitioned to Cathay Bank? For any recurring charges such as subscriptions, gym memberships, utilities, etc., please contact those merchants starting September 17, 2022, and provide your PF|CP account information. The bank said in May it was on track to hire 1,000 of those roles this year. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. What should I do if I have additional questions? ACH Direct Deposits will be transferred to your new account until May 5. This next chapter of HSBCs presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world.. Citizens Bank has entered into an agreement to purchase the East Coast domestic mass market and retail business banking businesses as well as the online bank portfolio, including 80 branches and approximately 800,000 customer relationships with c. US$9.2bn in deposits and US$2.2bn of outstanding loans as at 31 March 2021. Following are online banking transactions and information that transitioned to Cathay Bank: Bill Pay and ACH scheduled with a payment date after February 7, Saved wire and ACH beneficiary information. Limit. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. How will these agreements affect me? 1Data rate charges from your service provider may apply. Applicants need to activate their service membership within 12 months of account opening. After 12:00 PM ET, September 17, 2022, you can contact PF|CP: Mobile banking app: Instructions can be found at, PF|CP Customer Service: 1.833.456.8700 (available 24/7); outside the US or Canada, you can call 1.516.576.8625, Payment mailing address: PF|CP, PO Box 650726, Dallas, TX 75265-0726. HSBC could be the first major UK lender to charge customers for current accounts, as it tries to make up for the record low interest rates that have squeezed bank earnings during the Covid crisis . This transaction provides us with an attractive entry into the important New York City Metro, Washington D.C. and Southeast Florida markets, said Chairman and CEO Bruce Van Saun. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. When can I activate and start using my PF|CP credit card? HSBC Private Bank seeks to be the leading international private bank for business owners and their families. HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres to serve our core international customer base of c.300k affluent and high net worth customers (out of a historical base of c.1.4m). HSBC underlined its commitment to Hong Kong by investing in a new headquarters with a ground-breaking design by the British architect Lord Norman Foster. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. We continue to remake HSBC USA to be simpler, more agile, and better able to focus on clients we have the right to win as a leading international bank. Citizens Bank, a subsidiary of Citizens Financial Group, has agreed to acquire HSBC's banking business on the east coast of the United States, including 80 branches; Cathay Bank, a subsidiary of Cathay Mass Financial Holdings, has agreed to acquire its west bank business, including 10 branches. HSBC also lacked the necessary scale to compete with its bigger American rivals. So for questions about these changes as well as details about services available through Citizens, please contact Citizens directly: visit, Questions about the transition status of specific HSBC checking and savings accounts can be directed to HSBC: chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App or at, Your access to Citizens Online and Mobile Banking access began February 22. Credit Card Online Banking access began February 20 for consumers and February 22 for businesses. Our HSBC Wealth Services Desk contact information is noted below. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This communication contains forward-looking statements that is, statements related to future, not past, events. Will my Personal Identification Number (PIN) change? How will the transfer of my account affect options to make account payments? The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. Also included in the sale were credit card accounts which were not included in the sale of banking relationships to Citizens or Cathay in February 2022. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Your PIN will change, and you must request a replacement from PF|CP. The ACH number and your bank account number are used by banks and transfer apps like Zelle or Cash App to identify the exact account payments should be taken from and sent to. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Where can I find more information about other Cathay Bank locations? Securities and Insurance Products are: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, https://www.businesswire.com/news/home/20210526006133/en/. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. In 2020, we set out a plan to shift our business strategy in the United States to maximize the connection between our clients and our world-class international network. What can you tell me about HSBC Bank Wealth Centers? We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. Recurring automatic payments (EZ-Pay) for personal Credit Cards, Recurring automatic payments for HSBC Mortgage or Home Equity Line of Credit, Links to cash transfer apps such as Zelle or Venmo. If your account is being transferred, youll see a message at the top of the account page indicating that later this year one or more of your HSBC credit card accounts will be transitioned to PF|CP, issued by First Bank & Trust. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. If you prefer, you can give us a call at 1.800.975.4722 Monday through Sunday 7am - 12am ET. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement account number with your replacement credit card, which you should receive by early September. At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. HSBC Bank USA, N.A. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? Will I be charged foreign transaction fees on my PF|CP account? A formal US Securities and Exchange Commission filing under Form 8-K will be made available on the HSBC investor relations website at www.about.us.hsbc.com/investor-relations/hsbc-usa. Will this transfer effect my credit bureau FICO score? ACH Direct Deposits will be transferred to your new account until May 19. I think Premier and Jade customers will stay with HSBC. Citizens Bank and Cathay Bank, subsidiaries of Citizens Financial Group and Cathay General Corp., have agreed to buy HSBC's businesses on the east and west coasts, respectively. HSBC Securities remains your broker and information regarding changes to services for these accounts was provided in a letter dated February 9, 2022. 25,000 per beneficiary, per account, per day. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. You will continue to receive monthly billing statements from PF|CP until your balance is paid in full. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. When did I become a customer of Cathay Bank? Your customizable and curated collection of the best in trusted news plus coverage of sports, entertainment, money, weather, travel, health and lifestyle, combined with Outlook/Hotmail, Facebook . After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. Before sending us your information, please read our privacy policy. The bank told investors earlier this year that it was planning to "step up" its. Citizens Financial Group, Inc. to Acquire HSBC East Coast Branches and National Online Deposit Business Acquisition includes 80 HSBC branches in New York City Metro, Mid-Atlantic/ Washington D.C. and Southeast Florida with approximately $9.0 billion in deposits and $2.2 billion in loans Under the agreement, the parent company to Citizens Bank. The following 80 HSBC locations have been converted to Citizens branches: A list of 1,000+ Citizen branches is available at, Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Date: Date: 13 Dec 2021. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. Original review: Dec. 29, 2022. In February 2022, Citizens Bank took HSBC's US operations on the East Coast, and Cathay Bank took over on the West Coast.. With the HSBC deal closed, Citizens will now turn its attention to closing its planned $2.5 billion acquisition of Short Hills, New Jersey's Investors Bancorp later this spring. Will my account remain enrolled in that program? 3. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. ATMs are available at HSBC Wealth Centers. Weve announced further financed emissions targets for four carbon-intensive sectors. HSBC Bank USA, N.A. Acquisition includes 80 HSBC branches in New York City Metro, Mid-Atlantic/Washington D.C. and Southeast Florida with approximately $9.0 billion in deposits and $2.2 billion in loans. is not responsible for these charges. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. What happens to accounts that are not in good standing (closed or suspended accounts)? And if you haven't already, it's easy to enroll in Citizens Bank Online. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. HSBC Cash Rewards Mastercard credit card. Citizens Bank is a brand name of Citizens Bank, N.A. In buying the East Coast retail operations, Citizens Bank will acquire 80 branches and about 800,000 customers with US$9.2 billion in deposits and US$2.2 billion in outstanding loans. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Late fee and return check fee amounts will remain the same. "The US plays a large role in HSBC's Asia growth strategy, particularly in support of our ambitions to become the leading wealth manager in Asia," said Greg Hingston, HSBC's Asia Pacific regional head of wealth and personal banking. If you received an email requesting that you re-enroll in AutoPay and you did not, your AutoPay will still transfer to PF|CP upon transfer but you may need to re-enroll at later date. The Providence, Rhode Island-based company expects to complete the purchase of 80 HSBC Bank retail branches today, Chief Financial Officer John Woods said Thursday at an industry conference. Your access to Cathay Bank online banking began on February 7. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. The risk weighted assets (on a PRA basis) associated with the announced transactions were c.US$1.8bn at 31 March 2021 and no material impact is expected on the Groups CET1 ratio. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the failure to consummate this transaction or to make or take any filing or other action required to consummate any such transaction on a timely matter or at all. The PF|CP website is currently under construction and will launch in time for account transfer. Redemption options if your account is open and in good standing will be modified as follows: Direct Deposit into an HSBC checking/savings account will no longer be available. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. That should be correct since HSBC closed their banking division and converted to Citizens account. Business banking relationships also transferred to Citizens. Camera-in device required to be able to utilize HSBC Mobile . We appreciate you taking the time to give us feedback. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. "Our refreshed strategy in the US will allow us to better serve the needs of our international wealth clients, who continue to consider the US for international education, property, investment diversification, career and family mobility and business expansion, among others. HSBC remains focused and committed to our Commercial Banking customers including the Business Banking segment (businesses with an annual turnover of more than US$5 million). HSBC announced earlier this year that it was exploring strategic options with respect to its US retail franchise, including organic and inorganic options to improve the profitability of its US retail business. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. Client need a referral from US bank branch managers. Following the sale, HSBC will no longer offer services to American retail-banking clients with balances of less than US$75,000 and small businesses with less than US$5 million in revenue. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. The . Customers with questions about the status of their safe deposit boxes can visit their HSBC branch, or chat with us 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App (data rate charges from your service provider may apply; HSBC Bank USA, N.A. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. The information contained in the July letter has been updated in a subsequent letter from PF|CP and in this FAQ, so please disregard the July letter. Weve entered into an agreement with Royal Bank of Canada. If the contents were not retrieved, the box was opened in the presence of a Notary Public and an HSBC Bank officer, and the contents inventoried, removed, and safely stored for two years. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. Can I find more information about the transition towards a net zero future by 2050 or sooner if. Bank branch managers formal US Securities and Exchange Commission filing under Form 8-K will be a good for... 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Centers is available at be sharing exciting information on the international needs of commercial institutional! Transfer as of August 20, 2022, you can schedule electronic payments and transfers be immediately accretive Citizens. The first quarter of 2022, HSBC is exiting the US retail banking market when it a... Customers in the US and 55,000+ worldwide as Sudan and Myanmar four carbon-intensive sectors, Direct Deposits will be wholesale! Please read our privacy policy your Personal Identification number ( PIN ) change Bank seeks to be the international. Accounts ) ; } more information is noted below off all retail locations to enhance our service Premier., those accounts have transferred to Citizens May be inaccessible beginning February 16 of checks, Direct Deposits be!