HSBC Bank USA, N.A. (HSBC) sold a portfolio of credit card accounts in the fourth quarter of 2021 as part of a strategic repositioning of its US retail operations to focus on the banking and wealth management needs of globally connected affluent and high net worth clients.
HSBC announced in May 2021 plans to exit its US domestic mass market retail banking business through a number of divestitures. In February 2022, HSBC completed transactions with Citizens and Cathay Bank. An FAQ for customers included in the Citizens and Cathay transactions is available.
In the credit card portfolio transaction, accounts that were sold will be transferred to Premier Finance Card Program (PF|CP) later this year. PF|CP will provide new credit cards issued by First Bank & Trust and a new online experience to manage payments, alert settings, statement preferences, and more. More information and a customer FAQ is available at us.hsbc.com/mycreditcardchanges.
The sale of the mass market credit portfolio and the transactions with Citizens and Cathay are part of a strategy to focus HSBC’s U.S. operations on competitive strengthens: connecting global wholesale and wealth management clients to other markets around the world.
HSBC will continue to invest in its U.S. international wholesale franchise, and will continue to offer credit cards to commercial and institutional clients in the United States.
In keeping with its focus on globally connected affluent and high net worth clients, HSBC also will continue to provide banking services including credit cards to its Premier, Jade and Private Banking customers in the United States.