HSBC sells US businesses to Capital One

HSBC sells its US monoline credit card and private-label credit card business to Capital One for more than $30 billion, as group chief executive Gulliver delivers on his promise to streamline the bank and shore up capital.

HSBC sells US businesses to Capital One
HSBC is disposing of US assets valued at $30.4 billion (AFP)

HSBC yesterday struck a deal to sell its card and retail services business in the US to Capital One Financial for up to $33 billion.

With the sale, HSBC intends to exit its monoline US credit card and private-label credit card business. The assets being sold include gross customer loan balances and real estate. Included in the sale are HSBC’s MasterCard, Visa, private-label and other credit card operations, but not HSBC’s...

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