Citizens Bank is a brand name of Citizens Bank, N.A. 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. 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. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Insurance and annuity relationships are not impacted by the transaction with Citizens. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. At 12:01 AM ET, September 17, 2022, HSBC will deactivate your Personal Identification Number (PIN) for use at ATMs. If you do not re-enroll, you will receive paper statements in the mail. Build your career at HSBC. Where can I find more information? HSBC will forward any checks presented to Cathay Bank until May 5, 2022. Cathay General Bancorps website is found at. (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. 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. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. It will wind down the remaining 35 to 40 branches. 2023. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } 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. No, your PF|CP account will not charge this fee. 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. Customers should destroy any keys for Night Drops at these locations. 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. "Our continued presence in the US is key to our international network and an important contributor to our growth plans.". It took full ownership of the Buffalo, NY-based lender seven years later. 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. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). On average, bank transactions have . HSBC is uniquely positioned to capture more of this US$5 trillion market. 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. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. 3%. Begin using Citizens checks on February 19. 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. 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). You are leaving HSBC.com. I didnt find PF|CP when I did an Internet search. is not responsible for these charges) or at. 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. 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. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. ATMs are available at HSBC Wealth Centers. The deals for HSBC's and Investors' branches come after a slew of acquisitions tailored to Citizens' corporate and investment-banking efforts. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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. This transaction provides us with an attractive entry into the important New York City Metro, Washington D.C. and Southeast Florida markets, said Chairman and CEO Bruce Van Saun. 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. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. HSBC said 81 of the affected branches are within one mile of a Post Office, where customers can carry out day-to-day transactions. If your account has been closed and you have an outstanding balance, your obligation to pay the balance remains unchanged. We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. 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). US WPB had reported net operating income for 2020 of US$1.0bn. Do you have questions about the biggest topics and trends from around the world? HSBC used to have two systems - online and mobile banking - and two sets of terms and conditions. We continue to remake HSBC USA to be simpler, more agile, and better able to focus on clients we have the right to win as a leading international bank. Yes, you will be assigned a replacement account number. Which accounts transitioned? 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. If your account is being transferred, youll see a message at the top of the account page indicating that later this year one or more of your HSBC credit card accounts will be transitioned to PF|CP, issued by First Bank & Trust. 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. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. When will my credit account(s) transfer from HSBC? You can chat with HSBC 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App or at. +44 (0) 7909 873681 Further, the. Yes, if you have an existing introductory rate offer still available to you and in effect under the terms of your HSBC account at the time of the transfer, it will remain in effect for the balance of the original term of the original offer. 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. The updated policy will support the transition towards a net zero future by 2050 or sooner. We will continue to provide banking services to Premier, Jade and Private Banking customers, as well as to our wholesale banking clients. 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. 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. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. 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. 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. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. We thank those customers for their business. Your PIN will change, and you must request a replacement from PF|CP. 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. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. 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. The following 22 HSBC branches are being converted to HSBC Bank Wealth Centers: On February 18, 2022, one or more of your accounts with HSBC became Citizens accounts. 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. Once you do so, continue by following the on-screen instructions. Im enrolled in AutoPay with HSBC. Where can I find more information about other Cathay Bank locations? Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. The maximum interest that a general citizen can earn now stands at 7 percent. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every Product specific information will be available on the site in early January. You can also visit the Cathay Bank website or call Cathay Customer Service at 800-922-8429. 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. All Rights Reserved. When did I become a customer of Citizens? 1Data rate charges from your service provider may apply. Just 10 days after agreeing to sell its upstate New York branches, HSBC Holdings Plc agreed Wednesday to unload the bulk of . 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. All Rights Reserved. Title: Title: Statement on the Bank of England 2021 stress test results. 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