HSBC/Capital One

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.
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HSBC is disposing of US assets valued at $30.4 billion (AFP)
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<div style="text-align: left;"> HSBC is disposing of US assets valued at $30.4 billion (AFP) </div>

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 own $1.1 billion credit card programme, as the UK-listed bank intends to continue to offer credit cards to its customers in the US.

The assets HSBC is disposing of were...

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