Frequently asked questions

What the repositioning of US Wealth and Personal Banking means for our customers, here and abroad.
  • 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.
  • Our primary business will be a wholesale bank focused on the international needs of clients.
  • We are renewing our emphasis on the US$5 trillion international wealth management opportunity from globally mobile and affluent individuals in the United States.
  • No, HSBC is not exiting its US business.
  • We aim to be the leading international bank in the United States and are focused on what we do best – connecting Americans to a world of opportunity and bringing cross-border business and investment to the United States.
  • We will continue to provide banking services not only to our wholesale banking clients, but also to our Premier, Jade and Private Banking customers.
  • Upon completion of the transactions, the accounts of in-scope customers will be transferred to Citizens or Cathay Bank.
  • We thank those customers for their business and will ensure the transfer occurs with as minimum disruption as possible.
  • Premier, Jade, Private Banking and other clients who will remain HSBC customers are in the process of being transitioned to one of our new 20-25 Wealth Centers.
  • Upon completion of the transactions, the accounts of in-scope customers will be transferred to Citizens or Cathay Bank.
  • We thank those customers for their business and will ensure the transfer occurs with as minimum disruption as possible.
  • Premier, Jade, Private Banking and other clients who will remain HSBC customers are in the process of being transitioned to one of our new 20-25 Wealth Centers.
  • HSBC remains focused and committed to our Commercial Banking customers including the Business Banking segment (businesses with a turnover of more than US$5 million). These agreements will have no impact to Commercial Banking accounts.
  • Accounts of Retail Business Banking customers (small businesses with turnover of US$5 million and under) are in-scope and will be transferred to Citizens or Cathay Bank upon completion of the transactions.
  • HSBC, Citizens or Cathay Bank will be in touch as we progress through this transactions.
  • Should you have immediate questions please reach out to your HSBC Relationship Manager.
  • At this time there are no changes to how you access your HSBC USA accounts.
  • HSBC, Citizens or Cathay Bank will be in touch as we progress through this transactions.
  • HSBC retail branches involved in the transactions will remain open for business and will continue to offer all products and services to customers.
  • Upon completion of the transactions, in-scope branches and customer accounts will transfer to Citizens or Cathay Bank.
  • No. There will be no interruption of your banking services with HSBC until the transactions close between Dec 31, 2021 and March 30, 2022, pending regulatory approval.
  • HSBC, Citizens or Cathay Bank will be in touch as we progress through this transactions.
  • The transactions have no impact on the investment relationships for our qualifying Premier and Jade customers, or our Private Banking customers.
  • For our customers who are Personal or Advance banking customers, the impact on investment and insurance relationships differs depending upon the geographic region.
  • For East Coast and online customers, we will operate business as usual for the time being. Citizens will welcome certain investment relationships, and information will be forthcoming as soon as possible. For investments that are not held in your brokerage account, such as annuities, HSBC will remain broker of record.
  • For West Coast customers, investment and insurance relationships were not included within the transaction with Cathay. We understand that your banking relationship will be transferring, and we will work closely with you to ensure a smooth transition of instructions.
  • If you have specific questions about your existing investment or insurance relationship with HSBC Securities (USA) Inc. or HSBC Insurance Agency (USA) Inc., you can speak with your HSBC financial consultant who will look to provide the most up to date information possible for your specific area.
  • At this time, we expect transactions to close between Dec 31,2021 and March 30, 2022, pending regulatory approval.
  • HSBC, Citizens or Cathay Bank will be in touch as we progress through this transactions.
  • The website about.us.hsbc.com/movingforward will be updated with information about our progress as we work through the transactions.

Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. Catering to the needs of diverse customers starts with listening and understanding, so we can help them on their journey, at every milestone and every twist and turn. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 capabilities. More information is available at www.citizensbank.com . Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021.

Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Cathay General Bancorp’s website is found at www.cathaygeneralbancorp.com. Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 38 branches in California, 10 branches in New York State, four in Washington State, three in the Chicago area, two in Texas, one in Maryland, one in Massachusetts, one in Nevada, one in New Jersey, one in Hong Kong, and representative offices in Beijing, Shanghai and Taipei. Cathay Bank's website is found at www.cathaybank.com.

  • If you will remain an HSBC customer, you can look forward to your bank becoming more focused on what we do best – connecting Americans to a world of opportunity and bringing cross-border business and investment to the United States.
  • We aim to establish a simpler, more agile and leaner operating model that brings the benefits of HSBC’s global network and expertise, together with holistic servicing and a more seamless cross-border experience for our clients.
  • At the same time, it was important for us to find buyers who would be a good fit for our customer and employees.
  • HSBC, Citizens or Cathay Bank will be in touch as we progress through this transactions.
  • At this time, we expect transactions to close between December 31, 2021, and March 30, 2022, pending regulatory approval.
  • HSBC, Citizens or Cathay Bank will be in touch as we progress through the transactions.
  • The website about.us.hsbc.com/movingforward will be updated with information about our progress as we work through the transactions.
  • No action is required by our customers at this time.
  • If and when there comes a time when you need to do something, HSBC, Citizens or Cathay Bank will contact you directly.
  • The website about.us.hsbc.com/movingforward will be updated with information about our progress as we work through the transactions.