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. If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. Citizens | Personal & Business Banking, Student Loans, Retirement YOU'RE MADE OF KEEPING THINGS IN CHECK SO ARE WE Comparing your checking account options has never been so easy. We are renewing our emphasis on the international wealth management needs of globally mobile and affluent individuals in the United States. 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. 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 . This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. We expect US$0.1bn of pre-tax costs to be incurred in connection with these transactions after which HSBC does not expect to generate a significant gain or loss. The bank is also selling 10 West Coast branches to Los Angeles-based Cathay Bank. Before sending us your information, please read our privacy policy. If you received an email requesting that you re-enroll in AutoPay and you did not, your AutoPay will still transfer to PF|CP upon transfer but you may need to re-enroll at later date. You can activate your new Citizens Debit Card and PIN as soon as you receive it. 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.. Start Here Why Citizens Banking that stands and grows with you Financial solutions for your stage of life and beyond Checking Credit Card Home Loans Wealth Management Combined, those businesses held US$10.2 billion in deposits and US$3 billion in outstanding loans as of March 31. Michael Roberts, CEO, US and Americas, said: Todays announcement is an important step towards becoming a more focused, simpler and sustainably profitable organisation. is not responsible for these charges. What changes for my ATM/debit and credit cards? It will remain with about 25 U.S.. 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. If your account has been closed and you have an outstanding balance, your obligation to pay the balance remains unchanged. The updated policy will support the transition towards a net zero future by 2050 or sooner. heidi.ashley@hsbc.com, Rob Sherman For questions about brokerage accounts that have converted to Citizens, the. 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. The deals are expected to close in the first quarter of 2022. 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. Aug 11, 2011 Updated Feb 23, 2021. 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. 3%. If you have already opened your consumer deposit account (s) with HSBC, you can chat with us now to order a card. 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. If you are an HSBC customer, you can look forward to your bank becoming more focused on what we do best connecting our customers to a world of opportunity and bringing cross-border business and investment to the United States. 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. All other personal account types will remain with HSBC. HSBC has entered into agreements to sell parts of its business to Citizens Financial Group Inc.'s Citizens Bank and Cathay General Bancorp's Cathay Bank. 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. (HSBC) has sold a number of credit card accounts to First Bank & Trust. Im enrolled in a bill payment program to pay my HSBC account with a non-HSBC financial services provider. 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. The description of those service differences is based upon information provided to us by Citizens. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. You can begin using your PF|CP credit card as soon as its activated. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This communication contains forward-looking statements that is, statements related to future, not past, events. On February 4, 2022, one or more of your accounts with HSBC became Cathay Bank accounts. The account will no longer have a Penalty APR. 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. The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , www.about.us.hsbc.com/investor-relations/hsbc-usa, Read the full media release: HSBC exits US mass market retail banking, Shanghai Administration for Industry & Commerce, Exiting 90 branches out of a current branch network of 148 branches, HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres, Remaining branches, between 35-40, will be wound down, Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k), Exiting all retail business banking customers (small businesses with turnover of US$5m and under). Where will HSBC Bank Wealth Centers be located? 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. Will I be able to manage my account through online and mobile banking? 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. Weve announced further financed emissions targets for four carbon-intensive sectors. HSBC Private Bank seeks to be the leading international private bank for business owners and their families. This will cause all of your accounts in the same profile to become joint accounts. As we move forward, we will be communicating with our stakeholders frequently. Neither HSBC Bank USA, N.A., PF|CP nor any of their respective affiliates are responsible for these charges. ATMs are available at HSBC Wealth Centers. Our continued presence in the US is key to our international network and an important contributor to our growth plans. 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. We look forward to continuing to provide these customers with safe deposit box services at the current location. 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. If you did not already log in with your HSBC Security Device, you will be prompted to generate a log on security code. Citizens Financial Group, which has been on a merger-and-acquisition streak, is set to finalize the first of two big bank transactions that have been on its plate since last year.. The transaction is expected to be immediately accretive to Citizens earnings per share and generate an internal rate of return of approximately 20 percent. I have a credit card transitioning to citizens. Yes, the terms of the hardship program will be maintained as long as you continue to meet the eligibility requirements. When will my credit account(s) transfer from HSBC? . 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. And it had brazenly done business in off-limits countries such as Sudan and Myanmar. As a result of this new focus for HSBC in the U.S., we are streamlining parts of. "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. It should take only 7 working days to switch your current account, once your new account is open. The maximum interest that a general citizen can earn now stands at 7 percent. 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. See our Cookie Policy. Where can I find more information? Member FDIC. Representatives are available 8:30am-4:15pm ET Monday through Friday. 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. ", Cathay Bank's branch in Hong Kong on May 27. 07/28/2021. on Feb 18. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 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. It currently has 148 American branches - JPMorgan Chase, by comparison, opened 158 new branches alone in the US last year. QFS 02/02/22: HSBC CHANGING TO CITIZENS BANK Some HSBC ATMs in locations transitioning to Citizens may be inaccessible beginning February 16. Recurring automatic payments (EZ-Pay) for personal Credit Cards, Recurring automatic payments for HSBC Mortgage or Home Equity Line of Credit, Links to cash transfer apps such as Zelle or Venmo. HSBC, Europe's largest bank, had just been caught allowing a network of drug kingpins, including the notorious Joaqun "El Chapo" Guzmn, to launder more than $880 million through its accounts. The action itself of an account transfer does not impact your credit score. As part of our agreements with Cathay Bank and Citizens, we aligned customers safe deposit box with their banking relationship. Your enrollment will automatically transfer to PF|CP, and your payments will continue as scheduled. 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. Certain closed and suspended accounts will transfer to PF|CP effective September 17, 2022. Camera-in device required to be able to utilize HSBC Mobile . 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. When will I receive my replacement PF|CP credit card? Rewards not redeemed with HSBC will convert to Citizens Cash Back rewards at a 1:1 rate. Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today announced that Citizens Bank, N.A. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. And any payments sent to your old account will be automatically redirected to your new one. We appreciate you taking the time to give us feedback. 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