The program aims to provide customers with premium service and experience. The . 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. 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. 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. *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. 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.. Theyll be there to serve your financial needs, working with you to make connections to the right resources here in the U.S. and around the world. Where can I find more information about other Cathay Bank locations? 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. 3%. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Insurance and annuity relationships are not impacted by the transactions. 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. 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. If you have accounts transitioned to Citizens and live outside the United States, HSBC sent an email about some differences in access and servicing as a Citizens customer. Im enrolled in AutoPay with HSBC. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. 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. Should you have immediate questions, please reach out to your HSBC Relationship Manager. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. Will this transfer effect my credit bureau FICO score? HSBC said it does not expect to have a "significant gain or loss" on the sales. 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. Why did HSBC sell some retail credit card(s)? IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. It opened in 1986. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. 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. Noel Quinn, Group Chief Executive of HSBC, said: We are pleased to announce the sale of the domestic mass market of our US retail banking business. 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. 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. "Our refreshed strategy in the US will allow us to better serve the needs of our international wealth clients, who continue to consider the US for international education, property, investment diversification, career and family mobility and business expansion, among others. Weve entered into an agreement with Royal Bank of Canada. Your HSBC ATM/debit card and transitioned credit cards are deactivated. HSBC is selling its East Coast branches to Citizens and its West Coast branches to Cathay Bank as part of its exit from most of its U.S. banking operations. We caution you, therefore, against relying on any of these forward-looking statements. How will these agreements affect me? HSBC also lacked the necessary scale to compete with its bigger American rivals. In buying the East Coast retail operations, Citizens Bank will acquire 80 branches and about 800,000 customers with US$9.2 billion in deposits and US$2.2 billion in outstanding loans. 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. HSBC Private Bank seeks to be the leading international private bank for business owners and their families. +44 (0) 7920 254057 QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. 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. What should I do if I have additional questions? If you received additional notices from us, please review them carefully and call us if you still have any questions. 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. HSBC is uniquely positioned to capture more of this US$5 trillion market. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. 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. Start Here Why Citizens Banking that stands and grows with you Financial solutions for your stage of life and beyond Checking Credit Card Home Loans Wealth Management Im enrolled in a bill payment program to pay my HSBC account with a non-HSBC financial services provider. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. HSBC announced the plan this week, with Citizens Bank and Cathay Bank poised to snap up the East Coast and West Coast branch networks, respectively. Community Reinvestment Act and HSBC Community Development, Citizens Information for International Customers. 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. robert.a.sherman@us.hsbc.com, Richard OConnor ACH Direct Deposits will be transferred to your new account until May 5. You can also chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App, Monday through Sunday 7am 12am ET. 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. 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. 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. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. 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. The changes described will be effective March 14, 2022. 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. HSBC Bank revised FD rates 2022. 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 Bank USA, N.A. 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 . ATMs are available at HSBC Wealth Centers. "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. And you can always check back regularly for . More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. Find the latest media releases, HSBC news, speeches and award wins. HSBC Bank USA, National Association (HSBC Bank USA, N.A.) I live outside the United States. 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 . 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. 25,000 per beneficiary, per account, per day. 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. 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. What should I do if I have additional questions? Applicants need to activate their service membership within 12 months of account opening. 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. Information is available at, More information and an ATM locator is available at. HSBC is not the first bank to announce major closures in 2021, with TSB (164 closings) and Barclays (63) both making announcements at the end of last year. +44 (0) 7909 873681 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. +1 646 939 6998 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. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. 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. How will my business access Night Drop services? I hope so, I like the free wire transfers on Premier. HSBC Bank USA, N.A. 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. Truly insane that there has been zero communication from the bank. You need the sort code and account number to set these up. They include: As a result, HSBC Bank USA, N.A. Yes, you will maintain that rate as long as you meet the eligibility requirements. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. Which accounts transitioned? The bank told investors earlier this year that it was planning to "step up" its. Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. Learn what these transactions mean for our customers, here and abroad. 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. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. Design by the British architect Lord Norman Foster by the transactions call US if you received notices... Sort code and account number to set these up Bank include deposit accounts ( checking savings! 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