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. 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. 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. 1Data rate charges from your service provider may apply. 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. Begin using Cathay Bank checks on February 7. 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. Our continued presence in the US is key to our international network and an important contributor to our growth plans. HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. Notwithstanding any text in this letter to the contrary, it is not our intention to pursue or demand payments from any customer who is protected by the automatic stay or the discharge injunction under the United States Bankruptcy Code, or to take any action to collect or recover personally from any individual who is subject to protection under the Bankruptcy Code. Cathay Bank has entered into an agreement to purchase the West Coast domestic mass market and retail business banking businesses, including 10 branches and approximately 50,000 customer relationships with US$1.0bn in deposits and US$ 0.8bn of outstanding loans as at 31 March 2021. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. HSBC Holdings plc ("HSBC") is today setting out a detailed policy to phase out the financing of coal-fired power and thermal coal mining by 2030 in EU and OECD markets, and worldwide by 2040. HSBC is closing 82 bank branches this year Credit: Alamy. In February 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. 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. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. On the other hand, senior citizens can earn up to 7.5 percent interest. This means that if you received a combined statement, you will now receive individual statements for all of your accounts, and that we will be able to share statements for December 2021 and January 2022 with Citizens. I am currently enrolled in a hardship program. When will my credit account(s) transfer from HSBC? No, your PF|CP account will not charge this fee. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. 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. Yes, you will maintain that rate as long as you meet the eligibility requirements. We look forward to continuing to provide these customers with safe deposit box services at the current location. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Insurance and annuity relationships are not impacted by the transactions. HSBC Bank USA, N.A. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. Client need a referral from US bank branch managers. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. 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. Small business customers who are part of the agreement with Cathay Bank or Citizens can contact Cathay Bank or Citizens to inquire about this service moving forward. Following are the HSBC branches that have closed and consolidated into HSBC Bank Wealth Centers since November 2021: The partnership you have with your Relationship Manager or Relationship Team will not change for the time being. Yes, you will be assigned a replacement account number. Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. 07/28/2021. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. 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. I have a credit card transitioning to citizens. 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. Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** 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. ET. Do you have questions about the biggest topics and trends from around the world? 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. Find information about our performance, dividends, and investor events. Weve entered into an agreement with Royal Bank of Canada. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. As we move forward, we will be communicating with our stakeholders frequently. When did I become a customer of Citizens? Yes, if you have an existing introductory rate offer still available to you and in effect under the terms of your HSBC account at the time of the transfer, it will remain in effect for the balance of the original term of the original offer. 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. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 If you are located in the United States or Canada and you wish to proceed with adding a joint account holder to a checking or savings account, you may do so by calling 1.800.975.4722. As part of the service, we'll transfer all your payment mandates (like Direct Debits and your salary) over to your new HSBC account. Citizens ATM/debit cards and credit cards can be used now. For West Coast customers, banking relationships transitioned to Cathay Bank but investment and insurance relationships did not as they were not part of the agreement. "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. 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. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? Business banking relationships also transferred to Citizens. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. ACH Direct Deposits will be transferred to your new account until May 19. Note: A small number of customers may have received updates following notice of the transition to Citizens if there was an operational issue or other circumstance that would keep Citizens from accepting the account or a particular securities position within the account. We look forward to serving these new customers and showing them all that Citizens can do for them.. To renew our emphasis on international wealth management from globally mobile and affluent individuals, HSBC Bank Wealth Centers will be designed to provide banking and wealth services to our. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. When will I receive my replacement PF|CP credit card? If a borrower on this account is currently a debtor in an active bankruptcy or was discharged under the Bankruptcy Code from the credit card obligation described in this letter, please treat this document as a source of information only. They are neither statements of historical fact nor guarantees or assurances of future performance. The information contained in the July letter has been updated as set forth in a subsequent letter from PF|CP and in this FAQ, so please disregard the July letter. 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. 2022 HSBC Bank USA, N.A. They are good businesses, but we lacked the scale to compete. . Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. Transferring accounts include those held by customers who had a stand-alone credit card with HSBC and no other financial relationship such as a checking or savings account. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. 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. +44 (0) 7920 254057 Citizens Bank and Cathay Bank are set to pick up more than $10 billion deposits and 90 branches as part of HSBC's plan to exit the US retail banking sector. South China Morning Post Publishers Ltd. All rights reserved. richard.j.oconnor@hsbc.com. Following are transactions and information that transitioned to Citizens: From February 21, 2022, to April 19, 2022, HSBC will forward any presented checks to Citizens so they can post to your new account. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. is not responsible for these charges. In preparation for a smooth transition of one or more of your accounts to Citizens, we changed your account statement format from a combined statement to individual statements for each account. HSBC Securities remains your broker and information regarding changes to services for these accounts was provided in a letter dated February 9, 2022. Why did HSBC sell some retail credit card(s)? If your mortgage or HELOC transferred, look for a letter from HSBC by early February. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. HSBC employees hit by the restructuring will transfer to Citizens Bank or Cathay Bank, or else transition to new roles within HSBC, according to a person familiar with the British bank's plans. They include: As a result, HSBC Bank USA, N.A. ET. HSBC Bank USA, N.A. HSBC Bank USA, N.A. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. That same month, the bank announced that it would hire 5,000 wealth planners and invest US$6 billion in its latest pivot to Asia, which includes relocating several of its global business leaders. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. HSBC Bank USA, N.A. robert.a.sherman@us.hsbc.com, Richard OConnor 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. Thank you. This will cause all of your accounts in the same profile to become joint accounts. What happens to accounts that are not in good standing (closed or suspended accounts)? When did I become a customer of Cathay Bank? Title: Title: Statement on the Bank of England 2021 stress test results. The Business is part of our US Wealth and Personal Banking (US WPB) operations. If a customer did not receive a letter, no action is required. HSBC is uniquely positioned to capture more of this US$5 trillion market. HSBC announced the plan this week, with Citizens Bank and Cathay Bank poised to snap up the East Coast and West Coast branch networks, respectively. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. These locations are a core part of our wealth strategy: To focus on what we do best connecting our customers to a world of opportunity and bringing cross-border business and investment to the United States. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. Citizens Financial Group, which has been on a merger-and-acquisition streak, is set to finalize the first of two big bank transactions that have been on its plate since last year.. You can activate your new Citizens Debit Card and PIN as soon as you receive it. +1 646 939 6998 Please stop using it at that time. 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. ATMs are available at HSBC Wealth Centers. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. After the transfer, PF|CP will service your account and provide a new online experience for you to manage payments, alert settings, statement preferences, and more. Will my PF|CP account have an annual fee? If your account is open and in good standing, after 12:00 PM ET, September 17, 2022, in order to obtain a replacement PIN, you must enroll in online or mobile banking, or by calling PF|CP Customer Service. HSBC said it does not expect to have a "significant gain or loss" on the sales. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Accounts of Retail Business Banking customers (small businesses with annual sales of US$5 million and under) were transitioned to Cathay Bank on February 4 and Citizens on February 18. 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. Further, the. Starting February 7. 25,000 per beneficiary, per account, per day. Copyright (c) 2021. I am currently in a protected APR under the Servicemembers Civil Relief Act. Beijing's . 1.5%. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. HSBC India has hiked the interest rates on domestic FDs of less than Rs 2 crore. Date: Date: 13 Dec 2021. You will continue to earn rewards during the transition of your account. Where will HSBC Bank Wealth Centers be located? What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? If only some of your accounts were transferred, those accounts have been moved from HSBC. Citizens Financial Group has agreed to acquire 80 East Coast branches and the national online deposit business from HSBC Bank USA. HSBC Branches Transitioning to Citizens | Citizens Resource Center Home Transition Status New Citizens Branches View all 1,000+ Citizens branches The following HSBC locations are now Citizens Locations with a * offer safe deposit box services New York New Jersey Pennsylvania Washington, DC Maryland Virginia Florida ", Cathay Bank's branch in Hong Kong on May 27. **The company must appear in our payee look-up or standard . Wealth Centers offer the same services available to these customers today. Find the latest media releases, HSBC news, speeches and award wins. 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. +44 (0) 7909 873681 Camera-in device required to be able to utilize HSBC Mobile . 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. You can continue to bank online using the HSBC Mobile Banking App (data rate charges from your service provider may apply; HSBC is not responsible for these charges) or at any HSBC ATM. If there's anything we need you to do, we will contact you directly. HSBC Bank USA, N.A. HSBC Cash Rewards Mastercard credit card. How will these agreements affect me? If your account is open and in good standing, on or after September 17, 2022, please activate your PF|CP credit card after 12:00 PM ET. Your PIN will change, and you must request a replacement from PF|CP. HSBC Bank revised FD rates 2022. The next website will open in a new browser window or tab. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. 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 . Cathay General Bancorps website is found at. Please be aware that the external site policies, or those of another HSBC Group website, may differ from our website terms and conditions and privacy policy. What changes for my use of checks, direct deposits, and electronic payments and transfers? 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. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. Will I continue to receive paperless statements? 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. Under Quinn, HSBC has improved the profitability of its American operations. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Just 10 days after agreeing to sell its upstate New York branches, HSBC Holdings Plc agreed Wednesday to unload the bulk of . 1Data rate charges from your service provider may apply. See our Cookie Policy. You can also chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App, Monday through Sunday 7am 12am ET. has entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A.. With Online Banking and the Mobile app, you can: Deposit checks using the mobile app ; View your account balance ; Reset your password ; Transfer funds between accounts ; Change your phone number; Stop payments; Re-order checks; Order/view statements I think Premier and Jade customers will stay with HSBC. Can I use my PF|CP credit card for contactless transactions? The $6 billion in deposits there would be good enough to rank Citizens No. First, Lindsey at the Citizens Bank in Hope RI answers phone, then if she can't address your question, disconnects call and does not answer phone all day . 2023. Beginning August 26, 2022, PF|CP will be mailing replacement credit cards with a replacement account number to accounts open and in good standing as of August 21, 2022. The next website will open in a new browser window or tab. You can chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App1 or at, After 12:00 PM ET, September 17, 2022, please visit. HSBC is betting on rising affluence in Asia, particularly in the Greater Bay Area, and sees scaling back its US operations as another step in that greater focus on wealth. Your APR will remain the same unless you were being charged a penalty APR, in which case such APR will be reduced to your applicable non-penalty APR. It opened in 1986. 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