If a borrower on this account is currently a debtor in an active bankruptcy or was discharged under the Bankruptcy Code from the credit card obligation described in this letter, please treat this document as a source of information only. What is the impact on my investment or insurance relationships? Customers with questions about the status of their safe deposit boxes can visit their HSBC branch, or chat with us 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App (data rate charges from your service provider may apply; HSBC Bank USA, N.A. After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. ACH Direct Deposits will be transferred to your new account until May 19. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. They are neither statements of historical fact nor guarantees or assurances of future performance. is not responsible for these charges. Will my HSBC relationship manager change? 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. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. The following HSBC credit card products are being transferred: CUSTOMERS WHO ARE IN BANKRUPTCY OR WHOSE CREDIT CARD OBLIGATION HAS BEEN DISCHARGED. .cookie-notification--external .cookie-notification__inner .cookie-notification__body{ padding-left:5px; } HSBC is slimming down its physical locations in the U.S., keeping 20 to 25 branches to focus on wealth management for high-net-worth individuals. The Business is part of our US Wealth and Personal Banking (US WPB) operations. Where can I find more information? Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. Im enrolled in a bill payment program to pay my HSBC account with a non-HSBC financial services provider. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. If you are enrolled in a program that offers rewards and your account is open and in good standing: Your earn rate will remain the same or will improve, depending upon the program in which you are enrolled. What day to day and online banking options are available? When can I activate and start using my PF|CP credit card? To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. 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 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. 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. 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. Which accounts transitioned? Citizens Financial will add $9.2 billion in deposits and $2.2 billion in outstanding loans once the deal closes in the first quarter of 2022. 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. HSBC Holdings plc ("HSBC") is today setting out a detailed policy to phase out the financing of coal-fired power and thermal coal mining by 2030 in EU and OECD markets, and worldwide by 2040. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. Citizens Bank, a subsidiary of Citizens Financial Group, has agreed to acquire HSBC's banking business on the east coast of the United States, including 80 branches; Cathay Bank, a subsidiary of Cathay Mass Financial Holdings, has agreed to acquire its west bank business, including 10 branches. *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. 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. Yes, you will be assigned a replacement account number. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Please contact that financial services provider and provide your PF|CP account information. Will I continue to receive paperless statements? HSBC said it does not expect to have a "significant gain or loss" on the sales. Citizens Bank still expects the deal to close early in the second quarter. 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. 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. The $6 billion in deposits there would be good enough to rank Citizens No. Date: Date: 13 Dec 2021. HSBC is uniquely positioned to capture more of this US$5 trillion market. 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. Member FDIC. 07/28/2021. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. Information about the HSBC Bank Wealth Centers is available at. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. 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. 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. A presentation providing additional information on the transaction is available at https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, Cautionary Statement About Forward-Looking Statements. How will these agreements affect business accounts? Copyright (c) 2021. Photo: Georgina Lee. We look forward to serving these new customers and showing them all that Citizens can do for them.. HSBC Premier Credit Card Earn 35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening 1 2X Points on Travel, 1X Points on all other purchases TSA Precheck - $85 credit 2 for application fee Apply now HSBC Elite Credit Card Earn 50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening 3 HSBC is exiting the US market do all accounts will eventually be transitioned to other banks. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Will I be able to manage my account through online and mobile banking? You can chat with HSBC 24-hours-a-day, 7-days-a-week on the HSBC Mobile Banking App or at. How will my business access Night Drop services? The revised rates came into effect from 19 December 2022. When did I become a customer of Cathay Bank? HSBC Bank USA, N.A. 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. Learn what these transactions mean for our customers, here and abroad. Where will HSBC Bank Wealth Centers be located? 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. "Our continued presence in the US is key to our international network and an important contributor to our growth plans.". 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. Will my Personal Identification Number (PIN) change? What do I need to do? Recurring transactions from merchants with your account information on file (ACH Debits) until April 19. 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. 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. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Insurance and annuity relationships are not impacted by the transactions. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. 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. 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. HSBC will forward any checks presented to Cathay Bank until May 5, 2022. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. 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. Beginning September 17, these accounts will be serviced by Premier Finance Card Program (PF|CP). "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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. 3. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. Further, the. 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. Weve entered into an agreement with Royal Bank of Canada. 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. Copyright 2021 South China Morning Post Publishers Ltd. All rights reserved. Data rate charges from your service provider may apply. It will remain with about 25 U.S.. 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. HSBC is uniquely positioned to capture more of this US$5 trillion market. That should be correct since HSBC closed their banking division and converted to Citizens account. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. 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. Terms of the. 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