Looking to trim costs and focus on emerging markets, HSBC has agreed to sell its U.S. credit card business and 195 of its retail branches in two deals totalling $3.6 billion.
Yesterday, the London-based bank announced that it will sell its monoline U.S. credit card and private label credit card business to Capital One Financial Corporation in a cash and stock deal worth $2.6 billion. The value represents an 8.75 percent premium to the business’ $30 billion gross customer loan balance.
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