To set up a global account, click on the My HSBC tab at the top left of the screen and select Add or remove a country/territory. PF|CP has mailed letters to these accounts, notifying of the change. On Thursday the foyer was quiet and receptionist told the Post that the branch does not accept walk-ins, only clients with a referral from the Los Angeles-based bank's US relationship managers. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. When will I receive my replacement PF|CP credit card? Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. After that point, you can get the fee waived by keeping a balance of $200 in your account. Weve entered into an agreement with Royal Bank of Canada. It opened in 1986. 2022 HSBC Bank USA, N.A. And any payments sent to your old account will be automatically redirected to your new one. 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. If your account is open and in good standing as of August 21, 2022, a replacement card will be issued to all applicants and any authorized user(s) on the account. HSBC said it would retain a small network of about 20 to 25 brick-and-mortar locations, which will be repurposed into wealth centres to service affluent and high-net-worth international customers. The next site will open in a new browser window. Where can I find more information? Will I be charged foreign transaction fees on my PF|CP account? The $6 billion in deposits there would be good enough to rank Citizens No. If only some of your accounts were transferred, those accounts have been moved from HSBC. 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. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. Will I maintain that rate? Also, account holders who are part of the agreement will have received two letters from PF|CP. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. 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. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission. Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. Before sending us your information, please read our privacy policy. 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. Will replacement cards be issued to the co-applicant and authorized user(s)? Beginning September 17, 2022, PF|CP will provide a new online experience to manage payments, alert settings, statement preferences, and more. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. It will continue to serve more affluent and wealthy international customers in the US, as well as companies with large international businesses. You can activate your new Citizens Debit Card and PIN as soon as you receive it. Original review: Dec. 29, 2022. Customers who are affected by this re-alignment received a letter explaining that they needed to visit their HSBC branch and retrieve the contents of their safe deposit boxes to retrieve the contents within 60 days of our first notice. PROVIDENCE, R.I.-- ( BUSINESS WIRE )--Citizens Financial Group, Inc. (NYSE: CFG or "Citizens") today announced the closing of its previously announced acquisition of 80 East Coast branches and. Deposit products in the U.S. offered by HSBC Bank USA, N.A. 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 Copyright (c) 2021. "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. on Feb 18. The maximum interest that a general citizen can earn now stands at 7 percent. 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. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. 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. 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. Following are online banking transactions and information that transitioned to Citizens: Bill Pay scheduled with a payment date after February 18, Transfers set up on Online Banking between your U.S. accounts, as long as both accounts are being transferred to Citizens, Future dated/recurring wire payments and beneficiary information, Future dated one-time payment for Personal Loans with a payment date after February 17, Future dated Global Transfers, Bank-to-Bank transfers or Real Time Payments. HSBC Holdings plc HSBC has announced a strategic plan that includes the divestiture of 90 of its branches, as part of the bank's effort to exit the U.S. retail banking business. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. 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. 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. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. HSBC Bank USA, N.A. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. Citizens is getting the banking business at a discount: it's paying a 2% premium on the $9 billion in deposits when most acquirers pay up to 6%, Coughlin said. It will remain with about 25 U.S.. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. Please contact that financial services provider and provide your PF|CP account information. 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. We thank those customers for their business. Citizens Financial Group Inc. plans to be known simply as Citizens at its new bank branches as the former regional bank grows as a national brand with more acquisitions likely, according to CEO . 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/. The building's construction required 27,000 tonnes of structural steel, one million square feet of cladding and up to 4,500 workers on site 24 hours a day. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. 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.. 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. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Some investors argued last year that the lender should leave the US entirely after the bank found itself embroiled in rising Sino-US tensions, particularly after its top executive in Asia publicly supported a controversial national security law enacted by Beijing for Hong Kong last year. Learn what these transactions mean for our customers, here and abroad. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). 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. Our HSBC Wealth Services Desk contact information is noted below. 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. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. For questions about HSBC Securities (USA) Inc. accounts, including IRA brokerage accounts, call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. HSBC said 81 of the affected branches are within one mile of a Post Office, where customers can carry out day-to-day transactions. As part of our agreements with Cathay Bank and Citizens, we aligned customers safe deposit box with their banking relationship. 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. 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 . What changes for my ATM/debit and credit cards? The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). The next website will open in a new browser window or tab. What day to day and online banking options are available? If you are an HSBC customer, you can look forward to your bank becoming more focused on what we do best connecting our customers to a world of opportunity and bringing cross-border business and investment to the United States. Why did HSBC sell some retail credit card(s)? You need the sort code and account number to set these up. "There is a role for an international bank, particularly one that is capable of bridging the East and the West.". If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. Which accounts transitioned? Will I continue to receive paperless statements? 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. 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). For now, HSBC continues to service the transferring accounts. Thank you. **The company must appear in our payee look-up or standard . Will my PF|CP account have an annual fee? QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. How will these agreements affect me? 1Data rate charges from your service provider may apply. Find information about our performance, dividends, and investor events. Applicants need to activate their service membership within 12 months of account opening. The deal gives Citizens a much bigger presence in the important New York market, where it will be in the top 25 retail banks, according to the Philadelphia Business Journal. heidi.ashley@hsbc.com, Rob Sherman 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. HSBC Bank is starting to focus on serving wealthier customers. Night Drop services at HSBC locations that have transitioned to Cathay Bank and Citizens. 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. Feel free to call us if there are any questions. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. 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.. Beijing's . All Rights Reserved. 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 Im enrolled in a bill payment program to pay my HSBC account with a non-HSBC financial services provider. "Our continued presence in the US is key to our international network and an important contributor to our growth plans.". The description of those service differences is based upon information provided to us by Citizens. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. Citizens ATM/debit cards and credit cards can be used now. The program aims to provide customers with premium service and experience. That deal will. 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. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. ACH Direct Deposits will be transferred to your new account until May 5. 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. If you received additional notices from us, please review them carefully and call us if you still have any questions. And if you haven't already, it's easy to enroll in Citizens Bank Online. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. Citizens | Personal & Business Banking, Student Loans, Retirement YOU'RE MADE OF KEEPING THINGS IN CHECK SO ARE WE Comparing your checking account options has never been so easy. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. 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. Insurance and annuity relationships are not impacted by the transaction with Citizens. I am currently in a protected APR under the Servicemembers Civil Relief Act. Product specific information will be available on the site in early January. The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , www.about.us.hsbc.com/investor-relations/hsbc-usa, Read the full media release: HSBC exits US mass market retail banking, Shanghai Administration for Industry & Commerce, Exiting 90 branches out of a current branch network of 148 branches, HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres, Remaining branches, between 35-40, will be wound down, Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k), Exiting all retail business banking customers (small businesses with turnover of US$5m and under). The 80 branch purchase includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida. 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. 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. HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. 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 PF|CP describes itself and the Program as follows: The Premier Finance Card Program (PF|CP) is a credit card program provider sponsored by First Bank & Trust, which is one of the leading consumer credit card issuers. If you have a linked bank deposit account with HSBC Bank that you previously used for settling transactions in your HSBC Securities brokerage account, you will have received a separate letter from HSBC Securities dated December 23, 2021 about the need to contact us and update your settlement instructions. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? 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. 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. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. 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. Member FDIC. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } 3. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. 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