HSBC Set To Offload U.S. Card Unit

HSBC Holdings is in advanced discussions with McLean-based Capital One Financial to sell its U.S. credit-card portfolio.

HSBC Holdings is in advanced discussions with McLean-based Capital One Financial to sell its U.S. credit-card portfolio, The Wall Street Journal reports. The transaction will consist of nearly $30 billion of credit card loans.

The London-based bank has been evaluating its U.S. consumer banking operations to concentrate on global customers availing the bank’s services. Wells Fargo was also interested in HSBC’s assets.

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