Global banking titan HSBC has completed the sale of its US card and retail services business to American card and banking group Capital One Financial Corporation.
The acquisition, first agreed back in August of 2011, was subject to various conditions including governmental and regulatory approvals; it closed on May 1st.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"HSBC Bank USA continues to offer credit cards to its customers," the bank said in a statement.
"The Business sold excludes HSBC Bank USA's credit card programme of $1.2bn at March 31st 2012, of which $0.4bn is scheduled to be sold to First Niagara Bank, NA, in the second quarter of 2012."
The company said in August that the sale would continue the execution of the strategy "to focus our US business on the international needs of customers in Commercial Banking, Global Banking & Markets, Retail Banking and Wealth Management and onshore Global Private Banking."
BC
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
