How do you value a credit card?

There was much back slapping when Standard Chartered acquired Chase''s credit card business. But in one of Asia''s most expensive cities, a bargain isn''t always what is seems.
Chase Manhattan Corporation Chase will sell off its beloved daughter its Hong Kong based retail banking business to Standard Chartered for $1.32 billion. The acquisition includes the Chase Manhattan Card Company, which has 700,000 cards on issue in Hong Kong. This will bring Standard Chartered's share of the territory's credit card market to 25%, making it the largest credit card operator in Hong Kong.

But at what price

Let us assume that this acquisition is 50% about the credit card division and 50% about Chases four branches and $2 billion of deposits. This is a fairly conservative assumption. That would suggest that Standard Chartered has paid approximately $942.50 for each cardholder. Is there...

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