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 Bank USA, N.A. HSBC One is the one bank account you need to empower your financial wellbeing and become money smart every Beijing's . Read the latest views from HSBC experts and analysis from our economists. 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. The next site will open in a new browser window. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. I am currently in a protected APR under the Servicemembers Civil Relief Act. HSBC is betting on rising affluence in Asia, particularly in the Greater Bay Area, and sees scaling back its US operations as another step in that greater focus on wealth. HSBC's two local. ", Cathay Bank's branch in Hong Kong on May 27. 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. 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. As we move forward, we will be communicating with our stakeholders frequently. For any recurring charges such as subscriptions, gym memberships, utilities, etc., please contact those merchants starting September 17, 2022, and provide your PF|CP account information. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. What can you tell me about HSBC Bank Wealth Centers? 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. 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. Can I use my PF|CP credit card for contactless transactions? The Citizens contact center can be reached at. HSBC uses cookies to give you the best possible experience on our websites. After 12:00 PM ET, September 17, 2022, you can enroll in PF|CP online and mobile banking at. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. Terms of the. Under the agreement, the parent company to Citizens Bank. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. How will these agreements affect me? Other retail banking and wealth customers transitioned to Citizens or Cathay Bank in February 2022. PF|CP will have your last 13 months of HSBC statements, which you can access when you enroll in PF|CP online banking at, If you think you may need any HSBC statement history prior to 13 months, please download these statements prior to September 15, 2022, by going to HSBC. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. 1.5%. The changes described will be effective March 14, 2022. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. 1Data rate charges from your service provider may apply. After that point, you can get the fee waived by keeping a balance of $200 in your account. US WPB had reported net operating income for 2020 of US$1.0bn. +44 (0) 7909 873681 The transactions are expected to close by the first-quarter of next year and HSBC said it expects to incur US$100,000 of pre-tax costs in connection with the sales. 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. The London-based bank said it would sell its banking operations for the mass market and small businesses on the East Coast to Citizens Bank, part of Citizens Financial Group, and sell its West Coast retail operations to California's Cathay Bank. Where can I find more information? The ACH routing number for Citizens Bank is 241070417. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. Weve entered into an agreement with Royal Bank of Canada. How will these agreements affect me? Community Reinvestment Act and HSBC Community Development, us.hsbc.com/credit-card-resource-center/manage-account/rewards. The revised rates came into effect from 19 December 2022. 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. If youre calling from outside the US or Canada, please call 1-716-841-7212. And if you haven't already, it's easy to enroll in Citizens Bank Online. 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. 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. They include: As a result, HSBC Bank USA, N.A. Im enrolled in a bill payment program to pay my HSBC account with a non-HSBC financial services provider. 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. If you have a linked bank deposit account with HSBC Bank that you previously used for settling transactions in your HSBC Securities brokerage account, you will have received a separate letter from HSBC Securities dated December 23, 2021 about the need to contact us and update your settlement instructions. You can begin using your PF|CP credit card as soon as its activated. Member FDIC. Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. 2023. Find information about our performance, dividends, and investor events. heidi.ashley@hsbc.com, Rob Sherman 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. Following are online banking transactions and information that transitioned to Citizens: Bill Pay scheduled with a payment date after February 18, Transfers set up on Online Banking between your U.S. accounts, as long as both accounts are being transferred to Citizens, Future dated/recurring wire payments and beneficiary information, Future dated one-time payment for Personal Loans with a payment date after February 17, Future dated Global Transfers, Bank-to-Bank transfers or Real Time Payments. The building's construction required 27,000 tonnes of structural steel, one million square feet of cladding and up to 4,500 workers on site 24 hours a day. Insurance and annuity relationships are not impacted by the transactions. Weve announced further financed emissions targets for four carbon-intensive sectors. Feel free to call us if there are any questions. Representatives are available 8:30am-4:15pm ET Monday through Friday. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. 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. 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. Insurance and annuity relationships are not impacted by the transaction with Cathay Bank. We thank those customers for their business. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. We appreciate you taking the time to give us feedback. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). Applicants need to activate their service membership within 12 months of account opening. To help make the transition as seamless as possible, Citizens will update this site as new information becomes available. Following are transactions and information that transitioned to Citizens: From February 21, 2022, to April 19, 2022, HSBC will forward any presented checks to Citizens so they can post to your new account. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. Product specific information will be available on the site in early January. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. You can activate your new Cathay Bank ATM/debit card now. 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. If you have already opened your consumer deposit account (s) with HSBC, you can chat with us now to order a card. See our Cookie Policy. Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. 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. At 31 March 2021, US WPB had loans and advances to customers of US$23.8bn, customer accounts of US$47.8bn and risk weighted assets of US$15.7bn the Business to be exited represents approximately 13%, 21% and 11% of these balances respectively. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. Will I be able to manage my account through online and mobile banking? HSBC CEO Noel Quinn Photo: AFP/HSBC alt=HSBC CEO Noel Quinn Photo: AFP/HSBC. Aug 11, 2011 Updated Feb 23, 2021. Support this work for $1 a month. Will my Personal Identification Number (PIN) change? When did I become a customer of Cathay Bank? 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. PF|CP mailed its first letter informing you that ownership of your account was to transfer as of August 20, 2022 (the July letter). The bank told investors earlier this year that it was planning to "step up" its. 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. Customers should destroy any keys for Night Drops at these locations. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. Cathay General Bancorps website is found at. Citizens Bank still expects the deal to close early in the second quarter. Learn what these transactions mean for our customers, here and abroad. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. The ACH number and your bank account number are used by banks and transfer apps like Zelle or Cash App to identify the exact account payments should be taken from and sent to. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. We caution you, therefore, against relying on any of these forward-looking statements. The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. 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 in a subsequent letter from PF|CP and in this FAQ, so please disregard the July letter. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. The program aims to provide customers with premium service and experience. On the other hand, senior citizens can earn up to 7.5 percent interest. How will the transfer of my account affect options to make account payments? Cash back on . 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. Securities and Insurance Products are: NOT FDIC INSURED NOT BANK GUARANTEED MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, https://www.businesswire.com/news/home/20210526006133/en/. What is the impact on my investment or insurance relationships? 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. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. 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. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. 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