Your PIN will change, and you must request a replacement from PF|CP. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. 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. The revised rates came into effect from 19 December 2022. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. They are good businesses, but we lacked the scale to compete. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. HSBC Holdings Plc exited its U.S. domestic mass market retail banking business, agreeing to sell 90 branches, as Europe's biggest lender looks to focus on wealthy clients and steer billions of . 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 . is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. What day to day and online banking options are available? Customers should destroy any keys for Night Drops at these locations. HSBC Bank is starting to focus on serving wealthier customers. Why did HSBC sell some retail credit card(s)? 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. If a customer did not receive a letter, no action is required. HSBC has 16 branches on Long Island. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. After 12:00 PM ET, September 17, 2022, you can re-enroll at. 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. Product specific information will be available on the site in early January. Will my account remain enrolled in that program? 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's two local. (NMLS ID# 433960). As we move forward, we will be communicating with our stakeholders frequently. Will this transfer effect my credit bureau FICO score? What can you tell me about First Bank & Trust? ", Cathay Bank's branch in Hong Kong on May 27. 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. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. Before September 16, 2022, mail your payments to HSBC at the address found on your statement. Member FDIC. 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. HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. Information about the HSBC Bank Wealth Centers is available at. ET. When did I become a customer of Citizens? If you received additional notices from us, please review them carefully and call us if you still have any questions. Which HSBC locations transitioned to Citizens? Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. They are neither statements of historical fact nor guarantees or assurances of future performance. 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.. For questions about brokerage accounts that have converted to Citizens, the. 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. 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. Learn what the transfer of certain HSBC credit card accounts means for our customers, here and abroad. 3. Insurance and annuity relationships are not impacted by the transactions. 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. Premier, Jade and Private Banking clients who will remain with HSBC have transitioned to one of the new 22 HSBC Bank Wealth Centers. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. robert.a.sherman@us.hsbc.com, Richard OConnor You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. I didnt find PF|CP when I did an Internet search. 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. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. is not responsible for these charges) or at. 0. 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. Which accounts transitioned? 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. Please contact that financial services provider and provide your PF|CP account information. 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. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. What should I do if I have additional questions? On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. 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. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Roughly 63% of the acquired HSBC deposits are in the New York metro area. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. The $6 billion in deposits there would be good enough to rank Citizens No. 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. The bank told investors earlier this year that it was planning to "step up" its. I live outside the United States. 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. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. 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. Endless possibilities, diverse outlooks. The next website will open in a new browser window or tab. PROVIDENCE, R.I.--(BUSINESS WIRE)-- Starting February 7. Cathay Bank operates a sole branch in Hong Kong on the thirtieth floor of an office block overlooking Victoria Harbour. 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. 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. And if you haven't already, it's easy to enroll in Citizens Bank Online. And any payments sent to your old account will be automatically redirected to your new one. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. Photo: Georgina Lee. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. 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. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. Yes, you will be assigned a replacement account number. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? 1Data rate charges from your service provider may apply. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. Will I continue to receive paperless statements? Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. "We remain a global international bank. 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. How will these agreements affect business accounts? richard.j.oconnor@hsbc.com. 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. What do I need to do? HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. Citizens Financial Group, Inc. is one of the nations oldest and largest financial institutions, with $187 billion in assets as of September 30, 2021. If you are enrolled in paperless statements with HSBC, you will need to re-enroll for this service with PF|CP. Citizens will pick up nearly 800,000 former HSBC customers, increasing its existing portfolio of 6.6 million by 21%. Date: Date: 13 Dec 2021. heidi.ashley@hsbc.com, Rob Sherman To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. 3. Your access to Cathay Bank online banking began on February 7. 2023. 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. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. 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. Will my HSBC relationship manager change? The Citizens contact center can be reached at. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. 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. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. I have a credit card transitioning to citizens. Original review: Dec. 29, 2022. Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. 25 in market share in the nation's largest. Citizens is getting 66 branches in the New York City area, nine in the mid-Atlantic and Washington, D.C., area, and five in southeast Florida. 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. 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. Cash back on . Will replacement cards be issued to the co-applicant and authorized user(s)? HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. Will I have access to historical statements in PF|CP online banking when my account is transferred? The deals are expected to close in the first quarter of 2022. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. HSBC Bank USA, N.A. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 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. 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. 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. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. The deal comes with $9 billion in deposits and $2.2. 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 . 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