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.
<div style="text-align: left;"> HSBC is disposing of US assets valued at $30.4 billion (AFP) </div>
<div style="text-align: left;"> HSBC is disposing of US assets valued at $30.4 billion (AFP) </div>
August 10, 2011

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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222