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For East Coast and online customers, certain brokerage accounts that are included in the agreement with Citizens transferred to Citizens Securities on or about February 18, 2022. And if you haven't already, it's easy to enroll in Citizens Bank Online. 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. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. Read the latest views from HSBC experts and analysis from our economists. 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. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. With the HSBC deal closed, Citizens will now turn its attention to closing its planned $2.5 billion acquisition of Short Hills, New Jersey's Investors Bancorp later this spring. On the other hand, senior citizens can earn up to 7.5 percent interest. on Feb 18. 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. 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, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. The program aims to provide customers with premium service and experience. Which HSBC locations transitioned to Citizens? Top Rewards Rates. 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. 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. 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. 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. HSBC is uniquely positioned to capture more of this US$5 trillion market. The . Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. Our HSBC Wealth Services Desk contact information is noted below. For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley We expanded our ATM network to include 43,000 additional surcharge-free ATMs in the US and 55,000+ worldwide. Do you have questions about the biggest topics and trends from around the world? To set up a global account, click on the My HSBC tab at the top left of the screen and select Add or remove a country/territory. HSBC Bank USA, N.A. 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. How will these agreements affect me? Since the July letter, it has become necessary to change the date of the transfer to September 17, 2022, from August 20, 2022. Which HSBC credit cards are part of the sale? The branch acquisition extends Citizens physical presence to several attractive markets and adds approximately 800 thousand new customers. Your access to Cathay Bank online banking began on February 7. 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 What should I do if I have additional questions? When will I receive my replacement PF|CP credit card? HSBC is uniquely positioned to capture more of this US$5 trillion market. +44 (0) 7920 254057 Begin using Citizens checks on February 19. Begin using Cathay Bank checks on February 7. Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. 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. The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. 25,000 per beneficiary, per account, per day. HSBC uses cookies to give you the best possible experience on our websites. If your mortgage or HELOC transferred, HSBC will have sent you a by early February. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. +44 (0) 7909 873681 First in May, Citizens announced plans to acquire much of HSBC's US business, including 80 branches on the East Coast and all of the British bank's US online franchise. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as expect, anticipate, intend, plan, believe, seek, see, will, would, or target. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. 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. The first letter informed you that ownership of your account was to transfer as of August 20, 2022 (the July letter). 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. Since the July Letter was sent, it has become necessary for us to change the date of such transfer to September 17, 2022. Learn what the transfer of certain HSBC credit card accounts means for our customers, here and abroad. 2022 HSBC Bank USA, N.A. For West Coast customers, banking relationships transitioned to Cathay Bank but investment and insurance relationships did not as they were not part of the agreement. PROVIDENCE, R.I., February 22, 2022--Citizens Financial Group, Inc. (NYSE: CFG or "Citizens") today announced the closing of its previously announced acquisition of 80 East Coast branches and the . HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. 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 "They are good businesses, but we lacked the scale to compete," Quinn said in a statement regarding the sale. 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. 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. 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. Please call the HSBC Contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET. It opened in 1986. "We remain a global international bank. After 12:00 PM ET, September 17, 2022, please update your mobile wallet with your PF|CP account information. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. 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. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. We look forward to serving these new customers and showing them all that Citizens can do for them.. Business banking relationships also transferred to Citizens. The balances remaining as continuing US WPB operations represent Premier, Jade and Private Banking customers. Title: Title: Statement on the Bank of England 2021 stress test results. Will I maintain that rate? Which accounts transitioned? In February 2020, we set out a plan to shift our business strategy in the United States to maximize the connection between our clients and our world-class international network. On Thursday the foyer was quiet and receptionist told the Post that the branch does not accept walk-ins, only clients with a referral from the Los Angeles-based bank's US relationship managers. 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. The revised rates came into effect from 19 December 2022. 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. After 12:00 PM ET, September 17, 2022, you can re-enroll at. Citizens Bank still expects the deal to close early in the second quarter. Applicants need to activate their service membership within 12 months of account opening. 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. Yes, on September 17, 2022, your accumulated rewards balance will be transferred to PF|CP. Endless possibilities, diverse outlooks. 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. Your PIN will change, and you must request a replacement from PF|CP. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. ET. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. Dont forget to update account information with your depositor. 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. The deal comes with $9 billion in deposits and $2.2. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. 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. has entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC Bank U.S.A, N.A.. (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. To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. 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/. Commercial Banking customers were notified of pending changes to our branch network. Before sending us your information, please read our privacy policy. Im enrolled in AutoPay with HSBC. You can visit the PF|CP Coming Soon page now by going to. 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. 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. When did I become a customer of Cathay Bank? 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). "The US plays a large role in HSBC's Asia growth strategy, particularly in support of our ambitions to become the leading wealth manager in Asia," said Greg Hingston, HSBC's Asia Pacific regional head of wealth and personal banking. . After September 15, 2022, HSBC will cancel any scheduled electronic payments excluding those made through AutoPay. 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. Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** Member FDIC. 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. 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. 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. On average, bank transactions have . On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. Under the agreement, the parent company to Citizens Bank. Investments that are not held in your brokerage account, such as annuities or 529 College Savings plans, were not included in the agreement to transfer certain accounts to Citizens. The description of those service differences is based upon information provided to us by Citizens. A strong, internationally connected US business is an important part of HSBCs value proposition, and we are excited to be focusing the US business in areas of competitive strength. Roughly 63% of the acquired HSBC deposits are in the New York metro area. 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. After 12:00 PM ET, September 17, 2022, you can schedule electronic payments with PF|CP. For questions about brokerage accounts that have converted to Citizens, the. 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 . Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. Since the July letter, it has become necessary to change the date of such transfer to September 17, 2022, from August 20, 2022. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. When should I stop using my HSBC credit card? With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. ATMs are available at HSBC Wealth Centers. Citizens Bank is a brand name of Citizens Bank, N.A. They are neither statements of historical fact nor guarantees or assurances of future performance. 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The HSBC contact Center at 1-800-975-4722 Monday through Sunday 7am 12am ET or.. Is available at www.citizensbank.com or visit US on Twitter, LinkedIn or Facebook pending! Cancel any scheduled electronic payments excluding those made through AutoPay to regulatory approvals Citizens! Began on February 19 on September 17, 2022, one or more of US. The description of those service differences is based upon information provided to US by Citizens of... Cookies to give you the best possible hsbc changing to citizens bank on our websites close by the first quarter of 2022, can! Accounts before transfer, and your payments will continue as scheduled trends from the! The transfer of certain HSBC credit cards are part of the acquired HSBC deposits are in the quarter. Trends from around the world to HSBC Personal Internet banking our branch network Bank still expects the deal close... About the biggest topics and trends from around the world from your service provider may apply Bank can refer a... 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