Why did I receive two letters from PF|CP with different dates for the transition? 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. It guarantees the process of switching current accounts is the same, no matter which bank or building society you choose. 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. Terms of 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. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. 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. What should I do if I have additional questions? 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. +1 646 939 6998 **The company must appear in our payee look-up or standard . To renew our emphasis on international wealth management from globally mobile and affluent individuals, HSBC Bank Wealth Centers will be designed to provide banking and wealth services to our. 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. HSBC is closing 82 bank branches this year Credit: Alamy. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Also, account holders who are part of the agreement will have received two letters from PF|CP. Commercial Banking customers were notified of pending changes to our branch network. Will my Personal Identification Number (PIN) change? 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. 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. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. If you prefer, you can give us a call at 1.800.975.4722 Monday through Sunday 7am - 12am ET. 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. Yes, you will be assigned a replacement account number. Personal account types that transferred to Citizens include deposit accounts (checking, savings, certificate of deposit), personal credit cards, certain mortgages and Home Equity Line of Credit (HELOC). With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. 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. Where will HSBC Bank Wealth Centers be located? What happens to accounts that are not in good standing (closed or suspended accounts)? 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. HSBC Bank USA, N.A. HSBC said 81 of the affected branches are within one mile of a Post Office, where customers can carry out day-to-day transactions. Effective September 17, 2022, ownership of accounts included in the agreement will transfer to First Bank & Trust, and servicing will transfer to PF|CP. Yes, you will maintain that rate as long as you meet the eligibility requirements. If you have specific questions about your existing investment, variable insurance or annuity relationships with HSBC Securities or life insurance through HSBC Insurance Agency (USA) Inc. speak with your Financial Consultant, if one is assigned to you, or call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. Why did HSBC sell branches and transition some customer relationships to Citizens and Cathay Bank? Citizens and HSBC announced the deal late Wednesday as part of the London-based lender's exit from U.S. retail banking. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account. We thank those customers for their business. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. The action itself of an account transfer does not impact your credit score. Data rate charges from your service provider may apply. They are good businesses, but we lacked the scale to compete. 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. These or other uncertainties may cause our actual future results to be materially different from those expressed in our forward-looking statements. HSBC first entered the US retail banking market when it acquired a controlling stake in Marine Midland Bank in 1980. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. When will my credit account(s) transfer from HSBC? IRS tax forms, so consider downloading and saving tax documents prior to transitioning to Citizens. Links between your brokerage and deposit accounts are no longer available now that the deposit accounts have transitioned to Cathay Bank. 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. You are leaving HSBC.com. What is the impact on my investment or insurance relationships? With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. Your access to Cathay Bank online banking began on February 7. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. Will I maintain that rate? It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. The changes described will be effective March 14, 2022. 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. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. Client need a referral from US bank branch managers. Support this work for $1 a month. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. 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. You can begin using your PF|CP credit card as soon as its activated. They are neither statements of historical fact nor guarantees or assurances of future performance. 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. Member FDIC. When should I stop using my HSBC credit card? Our HSBC Wealth Services Desk contact information is noted below. The PF|CP website is currently under construction and will launch in time for account transfer. HSBC Bank USA, N.A. We provided guidance to qualifying customers regardingwhere they can open a new safe deposit box. 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. For transitioned accounts, you no longer have access to HSBC Personal Internet Banking, HSBC Mobile Banking, Personal Loans and Select Line of Credit and HSBCNet. The deal comes with $9 billion in deposits and $2.2. Cash back on . It opened in 1986. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. ATMs are unavailable at HSBC branches that have closed as part of our streamlining of our retail branch network. Citizens ATM/debit cards and credit cards can be used now. The announced transactions are expected to close by the first quarter of 2022, subject to regulatory approvals. We continue to provide banking services including credit cards to wholesale banking (commercial and institutional) clients, and as part of the Premier, Jade and Private Banking propositions. Should you have immediate questions, please reach out to your HSBC Relationship Manager. First Bank & Trust has a history that dates back more than 140 years and spans four generations of the Fishback family, who support independent and entrepreneurial leadership. HSBC uses cookies to give you the best possible experience on our websites. 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. Before sending us your information, please read our privacy policy. On the other hand, senior citizens can earn up to 7.5 percent interest. Member FDIC. Our HSBC Wealth Services Desk contact information is noted below. Will I be charged foreign transaction fees on my PF|CP account? 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. Citizens Buys HSBC Branches and Scales Up Expansion Loaded 0% - Series Citizens Bank Buys HSBC Branches and Scales Up National Expansion June 29, 2021 17:00 PM PST - Updated June 30, 2021. And if you haven't already, it's easy to enroll in Citizens Bank Online. Deposit products in the U.S. offered by HSBC Bank USA, N.A. If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. 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. We look forward to continuing to provide these customers with safe deposit box services at the current location. Please contact that financial services provider and provide your PF|CP account information. Next up, Investors Bancorp . Endless possibilities, diverse outlooks. Beginning September 17, 2022, mail payments to PF|CP, PO Box 650726, Dallas, TX 75265-0726. Investors: Kristin Silberberg 203.900.6854, Copyright 2023 Citizens Financial Group, Inc. All rights reserved. Product specific information will be available on the site in early January. 25 in market share in the nation's largest. 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. For questions about brokerage accounts that have converted to Citizens, the. Where can I find more information? For more details, please visit www.about.us.hsbc.com/movingforward, Heidi Ashley Further, the. If your mortgage or HELOC transferred, look for a letter from HSBC by early February. 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. If you do not re-enroll, you will receive paper statements in the mail. HSBC's two local. The Current Account Switch Guarantee covers most of UK current accounts. Brokerage accounts and other investments will remain with HSBC Securities, and insurance and annuity relationships are not impacted. on Feb 18. Begin using Cathay Bank checks on February 7. When did I become a customer of Cathay Bank? To determine if your account is included in this agreement, log in to HSBC Personal Internet Banking. Member FDIC. Insurance and annuity relationships are not impacted by the transaction with Citizens. 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. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Can I use my PF|CP credit card for contactless transactions? All Rights Reserved. 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 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. 20 percent 25 in market share in the U.S. offered by HSBC Bank USA, N.A that... 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