HSBC sells US credit card division to US Capital One

August 10, 2011, 13:58 | di FIRSTonline editorial team | 0

The British banking giant concluded an operation that will allow it to collect a premium of 2,6 billion – The sale is part of the plan for the disposal of non-strategic assets – CEO Gulliver: “Expected savings of 3,5 billion”.

HSBC sells US credit card division to US Capital One

From today HSBC is lighter. The British banking giant has sold its US division which deals with credit cards to the American Capital One. The Financial Corp operates a $30,4 billion business. The operation, which allowed HSBC to collect a premium of 2,6 billion dollars, is part of the plan announced by the new CEO of the Bank - Stuart Gulliver - for the disposal of non-strategic assets. Projected savings are $3,5 billion. Thanks to the sale, HSBC will improve Core Tier 1 by 60 basis points, bringing it to 11,4%.

FIRSTonline editorial team

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