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. At HSBC Private Bank, we put our clients at the centre of everything we do. That deal will. Where can I find more information about other Cathay Bank locations? They are neither statements of historical fact nor guarantees or assurances of future performance. (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. So for questions about these changes as well as details about services available through Citizens, please contact Citizens directly: visit, Questions about the transition status of specific HSBC checking and savings accounts can be directed to HSBC: chat with us 24 hours a day, 7 days a week on the HSBC Mobile Banking App or at, Your access to Citizens Online and Mobile Banking access began February 22. Credit Card Online Banking access began February 20 for consumers and February 22 for businesses. 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. Our HSBC Wealth Services Desk contact information is noted below. "There is a role for an international bank, particularly one that is capable of bridging the East and the West.". What changes for my ATM/debit and credit cards? Pay with Points for annual fees will no longer be available, as your account will not have an annual fee. Short for Automatic Clearing House, ACH numbers are unique to each bank in the US. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. Yes, on September 17, 2022, your accumulated rewards balance will be transferred to PF|CP. 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. 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. ", Cathay Bank's branch in Hong Kong on May 27. PROVIDENCE, R.I.--(BUSINESS WIRE)-- The Current Account Switch Service makes switching from your old current account to us quick and simple. 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. You can activate your new Cathay Bank ATM/debit card now. Photo: Georgina Lee alt=Cathay Bank's branch in Hong Kong on May 27. Late fee and return check fee amounts will remain the same. 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. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Yes, you will be assigned a replacement account number. Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. 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). 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. HBUS has entered into sale agreements, subject to regulatory approval, with Citizens Bank and Cathay Bank for certain parts of the Business. 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. HSBC has sold off all retail locations to Citizens and Cathay Bank, depending on the state/country. 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. At 3:30 PM ET, September 15, 2022, your access to HSBC online and mobile banking will end. When should I stop using my HSBC credit card? Soon well be sharing exciting information on how were adapting these locations to enhance our service to Premier, Jade and Private Banking customers. heidi.ashley@hsbc.com, Rob Sherman First Bank & Trust is a family- and employee-owned South Dakota state bank, member FDIC, with 22 locations in 17 communities in South Dakota and Minnesota. Your transferred rewards balances will be available online, through PF|CP Customer Service, and on your statements. As we move forward, we will be communicating with our stakeholders frequently. But, the drag of low interest rates, combined with its small footprint, made the retail operations a less attractive business to maintain. If there's anything we need you to do, we will contact you directly. Lloyds Banking Group has also confirmed that it will proceed with the closure of 56 branches this year - across its Lloyds, Halifax and Bank of Scotland brands - a move which it had paused . Once you do so, continue by following the on-screen instructions. 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. Weve entered into an agreement with Royal Bank of Canada. 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. (NMLS ID# 433960). Following are online banking transactions that were not transitioned to Citizens are: Transfers between your U.S. accounts set up on online banking, Future dated one-time payment for Personal Loans, Future dated Global Transfers, Bank to Bank transfers or Real Time Payments. Citizens Bank is a brand name of Citizens Bank, N.A. It took full ownership of the Buffalo, NY-based lender seven years later. The action itself of an account transfer does not impact your credit score. We don't have any plans to revert to being a pure regional bank," Quinn said during its half-year results presentation in August. +44 (0) 7920 254057 The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. 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. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. Morgan Stanley & Co., LLC served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to Citizens. How do I redeem rewards during the transition of my account? If only some of your accounts were transferred, those accounts have been moved from HSBC. Weve announced further financed emissions targets for four carbon-intensive sectors. Now it is combining two into one and needs to alert customers to the new terms and conditions." 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. 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. For our customers who fall outside the above propositions, the impact on investment relationships differs depending upon the geographic region, 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. 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. If you are located in the United States or Canada and you wish to proceed with adding a joint account holder to a checking or savings account, you may do so by calling 1.800.975.4722. Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. HSBC, which makes most of its money in Asia, has been increasingly shifting resources to the region lately. Your APR will remain the same unless you were being charged a penalty APR, in which case such APR will be reduced to your applicable non-penalty APR. US WPB had reported net operating income for 2020 of US$1.0bn. HSBC Bank USA, N.A. Will I continue to receive paperless statements? You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. Title: Title: Statement on the Bank of England 2021 stress test results. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. 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. Below are the nine top checking accounts for expatswith proven track records.Some of the banks listed have a hefty physical presence abroad, think HSBC and Citi, and others, like Ally Bank or . HSBC Bank USA, N.A. Im enrolled in AutoPay with HSBC. If you do not re-enroll, you will receive paper statements in the mail. We will wind down the residual branches, between 35-40, not subject to sale or repurposing. 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. 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. Uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include the failure to consummate this transaction or to make or take any filing or other action required to consummate any such transaction on a timely matter or at all. 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. 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. 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. With a sizable customer base and a solid deposit franchise, this acquisition will serve as a springboard for our consumer national expansion strategy. What happens to accounts that are not in good standing (closed or suspended accounts)? Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. Begin using Citizens checks on February 19. How will these agreements affect me? ACH Direct Deposits will be transferred to your new account until May 5. If your account is open and in good standing as of August 21, 2022, PF|CP will mail you a replacement credit card with a replacement account number, which you should receive by early September. 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