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. Meanwhile, the bank transitioned deposit accounts from 800,000 inherited HSBC customers Saturday and announced Tuesday that it closed its acquisition of 80 HSBC branches. 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. HSBC remains focused and committed to our Commercial Banking customers including the Business Banking segment (businesses with an annual turnover of more than US$5 million). Strategically repositions US retail business towards international banking and wealth management, *** Transactions agreed with Citizens Bank and Cathay Bank, pending regulatory approval *** Yes, you will be assigned a replacement account number. Personal account types that transferred to Cathay Bank include deposit accounts (checking, savings, certificate of deposit), and certain mortgages. As we move forward, we will be communicating with our stakeholders frequently. For questions about HSBC Securities (USA) Inc. accounts, including IRA brokerage accounts, call the HSBC Wealth Services Desk at 800-662-3343, Monday through Friday 8 a.m. 6 p.m. Thank you. The bank bought boutique firms JMP Group and DH. HSBC is uniquely positioned to capture more of this US$5 trillion market. They include: As a result, HSBC Bank USA, N.A. 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. Do I need to re-enroll? When can I activate and start using my PF|CP credit card? 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. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Green Savings: Citizens Bank gives you the first four months free of charge when you open this savings account. Has the availability of HSBC ATMs changed? 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. At the same time, I am very pleased that we were able to execute this strategic repositioning at pace. 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. 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. 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. 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. *Other payments are payments to your own accounts held with other banks, and to family, friends or organisations not in our payee look-up or standard list on online banking. And any payments sent to your old account will be automatically redirected to your new one. Begin using Cathay Bank checks on February 7. Please stop using it at that time. 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. 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. The bank is also selling 10 West Coast branches to Los Angeles-based 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). 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. 2022 HSBC Bank USA, N.A. 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 will forward any checks presented to Cathay Bank until May 5, 2022. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. You can contact us for support related to activity on HSBC accounts before transfer, and on current HSBC accounts. 3. Please contact that financial services provider and provide your PF|CP account information. View source version on businesswire.com: https://www.businesswire.com/news/home/20210526006133/en/, Media: Peter Lucht 781.655.2289 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. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the United States Securities and Exchange Commission. I live outside the United States. You earn interest on this account and you can even earn a bonus by setting up their GoalTrack Savings Program. is not responsible for these charges. HSBC, Citizens and Cathay Bank have been in touch with these small business customers with information about the transition. They are good businesses, but we lacked the scale to compete. HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. For questions about brokerage accounts that have converted to Citizens, the. Will I have access to historical statements in PF|CP online banking when my account is transferred? A presentation providing additional information on the transaction is available at https://investor.citizensbank.com/about-us/investor-relations/events-and-presentations/2021.aspx, Cautionary Statement About Forward-Looking Statements. Our HSBC Wealth Services Desk contact information is noted below. "Our continued presence in the US is key to our international network and an important contributor to our growth plans.". As part of the service, we'll transfer all your payment mandates (like Direct Debits and your salary) over to your new HSBC account. Note: A small number of customers may have received updates following notice of the transition to Citizens if there was an operational issue or other circumstance that would keep Citizens from accepting the account or a particular securities position within the account. There are no new promotional rate offers, or any extensions of time for any existing introductory or promotional rate offers, being made at this time. The deals are expected to close in the first quarter of 2022. British bank HSBC Holdings PLC announced Wednesday that it will sell most of its retail locations across the U.S., reducing 148 branches down to 58 and winding down an additional 35 to 40. serves customers through retail banking and wealth management, commercial banking, private banking and global banking and markets segments. Further, the. Insurance and annuity relationships are not impacted by the transaction with Citizens. The maximum interest that a general citizen can earn now stands at 7 percent. The . Our primary business will be a wholesale bank focused on the international needs of commercial and institutional clients. The Current Account Switch Service makes switching from your old current account to us quick and simple. 2023. South China Morning Post Publishers Ltd. All rights reserved. Insurance and annuity relationships are not impacted by the transactions. 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. 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 and PF|CP are working together closely to make this transition as easy as possible. 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. What should I do if I have additional questions? If you are enrolled in AutoPay, PF|CP will automatically update the new payment due date. 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. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook. Weve entered into an agreement with Royal Bank of Canada. Your customizable and curated collection of the best in trusted news plus coverage of sports, entertainment, money, weather, travel, health and lifestyle, combined with Outlook/Hotmail, Facebook . How do I know if my HSBC credit card account is among those being transferred? Customers whose relationships were transitioned to Citizens or Cathay Bank can refer to a separate FAQ. 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. Where will HSBC Bank Wealth Centers be located? 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. Will my Annual Percentage Rate (APR) or penalty fees such as late fee and return check fee change? HSBC Bank USA, N.A.
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