Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Since the July letter, it has become necessary to change the date of the transfer to September 17, 2022, from August 20, 2022. How will these agreements affect me? 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. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. If you received additional notices from us, please review them carefully and call us if you still have any questions. *** HSBC will continue investing in US international wholesale banking franchise ***. I didnt find PF|CP when I did an Internet search. **The company must appear in our payee look-up or standard . HSBC is uniquely positioned to capture more of this US$5 trillion market. Build your career at HSBC. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. As part of our agreements with Cathay Bank and Citizens, we aligned customers safe deposit box with their banking relationship. Will this transfer effect my credit bureau FICO score? Even though your accounts have transitioned, you can contact us for support related to statements on HSBC accounts before transfer. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. They include: As a result, HSBC Bank USA, N.A. Customers whose accounts will transfer recently received a letter from PF|CP informing them that ownership was to transfer to First Bank & Trust as of August 20, 2022 (the July Letter). (HSBC) has sold a number of credit card accounts to First Bank & Trust. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. Customers should destroy any keys for Night Drops at these locations. 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 should I do if I have additional questions? Under Quinn, HSBC has improved the profitability of its American operations. 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 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. You can request a debit or ATM card during the account opening process. HSBC Bank USA, N.A. The Citizens contact center can be reached at. 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. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. 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. The bank bought boutique firms JMP Group and DH. 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. 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. The $6 billion in deposits there would be good enough to rank Citizens No. HSBC is closing 82 bank branches this year Credit: Alamy. 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. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. Next up, Investors Bancorp . 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. 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, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. 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. It was also important for us to find buyers who would be a good fit for our customers and employees.. Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. Starting February 7. 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. Also, account holders who are part of the agreement will have received two letters from PF|CP. And you can always check back regularly for . You will continue to earn rewards during the transition of your account. 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. *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. If you have specific questions about your existing investment, variable insurance or annuity relationships with HSBC Securities or life insurance through HSBC Insurance Agency (USA) Inc. speak with your Financial Consultant, if one is assigned to you, or call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. 1Data rate charges from your service provider may apply. I have a safe deposit box at an HSBC branch. 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). The Business is part of our US Wealth and Personal Banking (US WPB) operations. 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. Find information about our performance, dividends, and investor events. See our Cookie Policy. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. Copyright 2021 South China Morning Post Publishers Ltd. All rights reserved. Cathay General Bancorps website is found at. 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. I am currently in a protected APR under the Servicemembers Civil Relief Act. 2022 HSBC Bank USA, N.A. 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. 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). +44 (0) 7920 254057 The next website will open in a new browser window or tab. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. HSBC, the biggest of Hong Kong's three currency-issuing banks, said on Thursday it will exit its mass-market retail business in the United States and focus on serving wealthy clients and international companies there as part of the 156-year-old lender's latest revamp under CEO Noel Quinn. Before sending us your information, please read our privacy policy. HSBC and PF|CP are working together closely to make this transition as easy as possible. Under the agreement, Citizens will acquire approximately $9.0 billion in deposits and approximately $2.2 billion in loans for a 2.0 percent premium paid on deposits at closing. And if you haven't already, it's easy to enroll in Citizens Bank Online. is not responsible for these charges. 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. 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. Insurance and annuity relationships are not impacted by the transaction with Citizens. Your access to Cathay Bank online banking began on February 7. 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. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. Will I maintain that rate? They can contact their Relationship Manager for more information. 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. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. ATMs are available at HSBC Wealth Centers. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. PROVIDENCE, R.I.--(BUSINESS WIRE)-- 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. Deposit products in the U.S. offered by HSBC Bank USA, N.A. 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. 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. I think Premier and Jade customers will stay with HSBC. The deals are expected to close in the first quarter of 2022. 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. If you are enrolled in a mobile wallet, just before transition, after 3:30 PM ET, September 15, 2022, you will no longer be able to access your HSBC credit card in that manner. Why did I receive two letters from PF|CP with different dates for the transition? The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. Amazon Shop with Points will no longer be available. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. Weve made some exciting enhancements to help you make your day to day banking better. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. The bank said in May it was on track to hire 1,000 of those roles this year. When did I become a customer of Citizens? 2023. Below are the nine top checking accounts for expatswith proven track records.Some of the banks listed have a hefty physical presence abroad, think HSBC and Citi, and others, like Ally Bank or . 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. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. What do I need to do? 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). Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). When will I receive my replacement PF|CP credit card? 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. 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 . You can begin using your PF|CP credit card as soon as its activated. 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. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. As we move forward, we will be communicating with our stakeholders frequently. HSBC Bank USA, N.A. 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. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. Has the availability of HSBC ATMs changed? The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). We look forward to continuing to provide these customers with safe deposit box services at the current location. At 1:00 AM ET on September 17, 2022, HSBC will deactivate your HSBC credit card. Top Rewards Rates. 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