Trio of US firms advise on HSBC's $2.6bn sale of credit card business
A trio of elite US firms have taken roles on HSBC's $2.6bn (£1.6bn) sell-off of its US credit card business, reports The Am Law Daily. The sale of the US credit card unit to Capital One Financial will allow HSBC to sharpen its focus on developing a stronger international operation, the bank said in a statement.
August 11, 2011 at 06:29 AM
2 minute read
A trio of elite US firms have taken roles on HSBC's $2.6bn (£1.6bn) sell-off of its US credit card business, reports The Am Law Daily.
The sale of the US credit card unit to Capital One Financial will allow HSBC to sharpen its focus on developing a stronger international operation, the bank said in a statement.
A Sullivan & Cromwell team led by New York-based financial institutions partners Mitchell Eitel and Camille Orme is representing HSBC. Eitel and Orme also led an Sullivan team advising HSBC in July on the sale of 195 of its branches in Connecticut and New York to First Niagara Financial Group for $1bn (£620m) in cash.
Wachtell Lipton Rosen & Katz corporate partner Matthew Guest is leading a team from the firm advising Capital One, alongside corporate partner Richard Kim, antitrust partner David Neill, benefits partner David Kahan, and tax partners Jodi Schwartz and Joshua Holmes. John Finneran is Capital One's general counsel.
Wachtell has worked on a number of Capital One transactions since the company's spin-off from Signet Banking Corporation in 1995, including its 2008 purchase of Chevy Chase Bank. In June the firm advised on its $9bn (£5.6bn) acquisition of ING Group's US online banking unit.
Elsewhere, Morrison & Foerster is advising Capital One on regulatory matters, as well as on due diligence in the areas of compliance and partnership agreements. Lawyers from the firm working on the matter include finance partner Joan Warrington and financial services litigation partner Jim McCabe.
The deal hands Capital One a portfolio stocked with more than $30bn (£18.6bn) in credit card loans. The sale, which comes alongside other recent moves by HSBC to exit the consumer lending and banking business, does not include HSBC Bank USA's $1.1bn (£682m) credit card programme.
The Am Law Daily is a US affiliate title of Legal Week.
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