Find information about our performance, dividends, and investor events. Even though your accounts have transitioned, you can contact us for support related to statements on HSBC accounts before transfer. Citizens Buys HSBC Branches and Scales Up Expansion Loaded 0% - Series Citizens Bank Buys HSBC Branches and Scales Up National Expansion June 29, 2021 17:00 PM PST - Updated June 30, 2021. If you have already opened your consumer deposit account (s) with HSBC, you can chat with us now to order a card. That deal will. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. Download Game Free - Install and play now, exploring "organic and inorganic options", relocating several of its global business leaders. 3%. 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. 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. 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. Beginning at 3:30 PM ET, September 15, 2022, HSBC will no longer accept payments for your account in any HSBC branch, by telephone or through online and mobile 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. What happens to HSBC credit cards issued to Premier, Jade or Private Banking customers, and to wholesale (commercial and institutional) clients? 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. For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley Before sending us your information, please read our privacy policy. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. At HSBC Private Bank, we put our clients at the centre of everything we do. 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. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 Will my existing rewards balance transfer to my PF|CP account? Dont forget to update account information with your depositor. How do I redeem rewards during the transition of my account? 3. 2022 HSBC Bank USA, N.A. We look forward to continuing to provide these customers with safe deposit box services at the current location. 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. Date: Date: 13 Dec 2021. Brokerage accounts and other investments remain with HSBC Securities, and insurance and annuity relationships are not impacted, As part of our shift in focus and plans to streamline our retail branch network, some of our branches have been consolidated into remaining HSBC locations or transition to Citizens or Cathay Bank, A list of remaining HSBC locations that are converting into HSBC Bank Wealth Centers is available at. richard.j.oconnor@hsbc.com. After 12:00 PM ET, September 17, 2022, you can re-enroll at. 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. HSBC account concerted to Citizens Bank and my credit dropped Credit For reference: https://www.citizensbank.com/HSBC/overview.aspx? Cash back on all purchases in the first 12 months from account opening, up to the first $10,000 in purchases. . Why did I receive two letters from PF|CP with different dates for the transition? Will I have access to historical statements in PF|CP online banking when my account is transferred? HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. Begin using Cathay Bank checks on February 7. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. When did I become a customer of Cathay Bank? 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 To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. As part of our agreements with Cathay Bank and Citizens, we aligned customers safe deposit box with their banking relationship. There are no new promotional rate offers, or any extensions of time for any existing introductory or promotional rate offers, being made at this time. Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. 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. Will my PF|CP account have an annual fee? The . is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. Further analysis of the results of our US WPB business are provided in the HSBC Holdings plc Data pack 1Q 2021. Starting February 7. 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. The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. Select Line of Credit, Business Loan or Business Revolving Line of Credit accounts set up through the branch or contact center, Recurring automatic payments for personal HSBC credit cards, IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Cathay Bank, In preparation for a smooth transition of one or more of your accounts to Cathay Bank, we changed your account statement format from a combined statement to individual statements for each account. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. 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 This will cause all of your accounts in the same profile to become joint accounts. 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. 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. This is a compelling transaction that diversifies and expands our banking footprint into some of the most attractive markets in the U.S. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? +44 (0) 7920 254057 The branches to be acquired will operate as HSBC branches until closing and will be re-branded as Citizens branches immediately upon closing of the transaction. What day to day and online banking options are available? Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. This transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals. HSBC Bank USA, N.A. HSBC Securities remains your broker and information regarding changes to services for these accounts was provided in a letter dated February 9, 2022. 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. ACH Direct Deposits will be transferred to your new account until May 5. 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. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. (HSBC) has sold a number of credit card accounts to First Bank & Trust. 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. Photo: Georgina Lee. Endless possibilities, diverse outlooks. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement account number with your replacement credit card, which you should receive by early September. HBUS will exit its domestic mass market retail banking business and retail business banking (collectively the Business) through a number of divestitures, and wind-down of the residual branch network. Will my account remain enrolled in that program? 3. Client need a referral from US bank branch managers. 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). 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. If there's anything we need you to do, we will contact you directly. Our agreements with Cathay Bank and Citizens have no impact on Commercial Banking accounts. Thank you. Your due date may change slightly but will still be at least 25 days after the close of each billing cycle. And any payments sent to your old account will be automatically redirected to your new one. (HBUS) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. Original review: Dec. 29, 2022. 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. Feb 23, 2022 10:26AM EST. All Rights Reserved. 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. I have a credit card transitioning to citizens. 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. Please be aware that the external site policies, or those of another HSBC group website, may differ from this website's terms and conditions and privacy policy. What should I do if I have additional questions? Support this work for $1 a month. 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. 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. 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. We are here to help after February 18 when one or more of your accounts have transferred to Citizens. Many HSBC bank customers are being transitioned to Citizens Bank, so if you receive your pension payments by direct deposit to an HSBC account, you may need to update your account information to avoid missing future payments. Data rate charges from your service provider may apply. HSBC is closing 82 bank branches this year Credit: Alamy. 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. The deal comes with $9 billion in deposits and $2.2. Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. 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. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $4 Billion in total assets. I didnt find PF|CP when I did an Internet search. PF|CP has mailed letters to these accounts, notifying of the change. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. 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. And you can always check back regularly for . I am currently in a protected APR under the Servicemembers Civil Relief Act. HSBC Bank USA, N.A. 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. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. 2023. 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. Copyright (c) 2021. HSBC Bank USA, N.A. The next website will open in a new browser window or tab. The bank said in May it was on track to hire 1,000 of those roles this year. Late fee and return check fee amounts will remain the same. 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. 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. 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 . 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. 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 can you tell me about First Bank & Trust? Copyright 2021 South China Morning Post Publishers Ltd. All rights reserved. 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. The updated policy will support the transition towards a net zero future by 2050 or sooner. Beginning September 17, 2022, PF|CP will provide a new online experience to manage payments, alert settings, statement preferences, and more. 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. Until September 17, 2022, please contact HSBC. 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. Lloyds Banking Group has also confirmed that it will proceed with the closure of 56 branches this year - across its Lloyds, Halifax and Bank of Scotland brands - a move which it had paused . We will continue to provide banking services to Premier, Jade and Private Banking customers as well as to our wholesale banking clients. Truly insane that there has been zero communication from the bank. 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. First Bank & Trust's experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale. 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. 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. First Bank & Trust is a family- and employee-owned South Dakota state bank, member FDIC, with 22 locations in 17 communities in South Dakota and Minnesota. We expect US$0.1bn of pre-tax costs to be incurred in connection with these transactions after which HSBC does not expect to generate a significant gain or loss. 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. 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. 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. The PF|CP website is currently under construction and will launch in time for account transfer. HSBC Bank USA, N.A. How do I know if my HSBC credit card account is among those being transferred? The next site will open in a new browser window. When can I activate and start using my PF|CP credit card? 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. If your account has been closed and you have an outstanding balance, your obligation to pay the balance remains unchanged. Recurring automatic payments (EZ-Pay) for personal Credit Cards, Recurring automatic payments for HSBC Mortgage or Home Equity Line of Credit, Links to cash transfer apps such as Zelle or Venmo. 1Data rate charges from your service provider may apply. You can begin using your PF|CP credit card as soon as its activated. Just 10 days after agreeing to sell its upstate New York branches, HSBC Holdings Plc agreed Wednesday to unload the bulk of . 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. 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). 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 . But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. Following are transactions and information that did not transition to Citizens: One-time future dated payments set up through the branch or contact center with a payment date after February 17 to personal Credit Cards, Select Line of Credit or Personal Loan accounts. 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. ", Cathay Bank's branch in Hong Kong on May 27. Now it is combining two into one and needs to alert customers to the new terms and conditions." 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 Bank USA, National Association (HSBC Bank USA, N.A.) Wealth Centers offer the same services available to these customers today. Limit. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. Begin using Citizens checks on February 19. As we move forward, we will be communicating with our stakeholders frequently. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. They can contact their Relationship Manager for more information. Build your career at HSBC. It took full ownership of the Buffalo, NY-based lender seven years later. 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. Citizens Bank is a brand name of Citizens Bank, N.A. **The company must appear in our payee look-up or standard . You will continue to earn rewards during the transition of your account. 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. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. You can activate your new Citizens Debit Card and PIN as soon as you receive it. 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. You are leaving HSBC.com. 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. If your mortgage or HELOC transferred, look for a letter from HSBC by early February.

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