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. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. If you're calling from outside the US or Canada, please call 1 . Data rate charges from your service provider may apply. 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. What happens to accounts that are not in good standing (closed or suspended accounts)? For our customers who fall outside the above propositions, the impact on investment relationships differs depending upon the geographic region, 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. They can contact their Relationship Manager for more information. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? 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. 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 . 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. 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. Weve entered into an agreement with Royal Bank of Canada. HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. ACH Direct Deposits will be transferred to your new account until May 5. 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. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } How will these agreements affect business accounts? Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. HSBC to sell 90 branches to Rhode Island's Citizens Bank and California's Cathay Bank as it exits the retail mass-market banking in the United States. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. HSBC Bank is starting to focus on serving wealthier customers. Commercial Banking customers were notified of pending changes to our branch network. Business banking relationships also transferred to Citizens. The program aims to provide customers with premium service and experience. Will I be charged foreign transaction fees on my PF|CP account? (HSBC) has sold a number of credit card accounts to First Bank & Trust. Yes, your PF|CP credit card will still allow you to tap and go at participating merchants. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Will I continue to receive paperless statements? 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 capabilities. South China Morning Post Publishers Ltd. All rights reserved. Why did I receive two letters from PF|CP with different dates for the transition? The Current Account Switch Service makes switching from your old current account to us quick and simple. 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. When can I activate and start using my PF|CP credit card? 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. We look forward to serving these new customers and showing them all that Citizens can do for them.. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. Your HSBC ATM/debit card and transitioned credit cards are deactivated. 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. Which accounts transitioned? Before sending us your information, please read our privacy policy. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? Weve increased transaction limits for our Premier, Jade and Private Bank clients for: Mobile Check Deposit up to $25,000 daily and $50,000 monthly, ATM withdrawal and Point of Sale up to $5,000 and $15,000 respectively. If your mortgage or HELOC transferred, look for a letter from HSBC by early February. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. 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. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. The next site will open in a new browser window. 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. Late fee and return check fee amounts will remain the same. For East Coast and online customers, certain brokerage accounts that are included in the agreement with Citizens transferred to Citizens Securities on or about February 18, 2022. Should you have immediate questions, please reach out to your HSBC Relationship Manager. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. Original review: Dec. 29, 2022. Please refer to your Rewards Program Rules that will be included with your PF|CP credit card, which you should receive by early September. 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. Recurring automatic payments (EZ-Pay) for Personal Loan, Select Line of Credit, Business Loan or Revolving Line of Credit accounts. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. 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 . Citizens Bank is a brand name of Citizens Bank, N.A. 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. *Other payments are payments to your own accounts held with other banks, and to family, friends or organisations not in our payee look-up or standard list on online banking. 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. The account will no longer have a Penalty APR. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. 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 was also important for us to find buyers who would be a good fit for our customers and employees.. HSBC is uniquely positioned to capture more of this US$5 trillion market. 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 . 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. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. 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. Beijing's . . HSBC Private Bank seeks to be the leading international private bank for business owners and their families. Cash back on . 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. 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. All other personal account types will remain with HSBC. After 12:00 PM ET, September 17, 2022, you can make payments by enrolling in online or mobile banking, or by calling PF|CP Customer Service. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. 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. 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 . 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. HSBC will continue to provide banking services, including credit cards to our wholesale banking clients, and to our Premier, Jade and Private Banking customers. Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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. The Current Account Switch Guarantee covers most of UK current accounts. Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. The description of those service differences is based upon information provided to us by Citizens. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. is not responsible for these charges. The bank bought boutique firms JMP Group and DH. PF|CP has mailed letters to these accounts, notifying of the change. 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. robert.a.sherman@us.hsbc.com, Richard OConnor 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. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. Under Quinn, HSBC has improved the profitability of its American operations. 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. You can visit the PF|CP Coming Soon page now by going to. 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. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. If a customer did not receive a letter, no action is required. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. Amazon Shop with Points will no longer be available. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. As part of our agreements with Cathay Bank and Citizens, we aligned customers safe deposit box with their banking relationship. Its US Wealth and Personal Banking segment - formerly its retail and wealth management business - reported its first pre-tax profit in 14 quarters in the first quarter of this year. Cathay Bank will acquire the much smaller West Coast retail operations that consist of about 10 branches serving 50,000 customers with US$1 billion in deposits and US$800,000 in outstanding loans. Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. 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. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. 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. The bank said in February that it was exploring "organic and inorganic options" for its US retail bank and was in negotiations regarding a potential sale of its French business as part of a broader shift of capital from underperforming businesses in Europe and the US to Asia, where it makes the bulk of its revenue. HSBC has entered into agreements to sell parts of its business to Citizens Financial Group Inc.'s Citizens Bank and Cathay General Bancorp's Cathay Bank. Until September 17, 2022, please contact HSBC. We look forward to continuing to provide these customers with safe deposit box services at the current location. 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. 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. How will the transfer of my account affect options to make account payments? 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. Will this transfer effect my credit bureau FICO score? Where can I find more information about other Cathay Bank locations? If only some of your accounts were transferred, those accounts have been moved from HSBC. What do I need to do? is not responsible for these charges) or at. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. ACH Direct Deposits will be transferred to your new account until May 19. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. Client need a referral from US bank branch managers. Product specific information will be available on the site in early January. Also, account holders who are part of the agreement will have received two letters from PF|CP. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. At HSBC Private Bank, we put our clients at the centre of everything we do. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 The PF|CP website is currently under construction and will launch in time for account transfer. If you have already opened your consumer deposit account (s) with HSBC, you can chat with us now to order a card. 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. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. Yes, you will be assigned a replacement account number. Member FDIC. As part of the service, we'll transfer all your payment mandates (like Direct Debits and your salary) over to your new HSBC account. 3. 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. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. Dont forget to update account information with your depositor. Our HSBC Wealth Services Desk contact information is noted below. Citizens Financial Group, Inc. CFG closed the acquisition of 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A., N.A. Endless possibilities, diverse outlooks. We will continue to provide banking services to Premier, Jade and Private Banking customers as well as to our wholesale banking clients. 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. 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