24th Oct 2005 15:03
HSBC Holdings PLC24 October 2005 HSBC RETAIL SERVICES ACQUIRES OFFICEMAX CREDIT CARD PORTFOLIO HSBC Retail Credit USA and HSBC Bank Nevada, NA (HSBC Retail Services) havereached an agreement to acquire the consumer and commercial credit receivablesof OfficeMax, a leading office supplies retailer in the United States. HSBC is purchasing approximately US$81.6 million in receivables. Consumeraccounts and receivables are being purchased by HSBC Bank Nevada, NA andcommercial accounts and receivables are being purchased by HSBC Retail CreditUSA. The transaction is expected to close in the fourth quarter of 2005. HSBC ispaying a 4.5 per cent premium on the entire credit card portfolio. "Our ability to provide customised business payment solutions allows our clientsto focus on building their business and sales, while offering their customersflexible credit options," said Brian Zempel, managing director, HSBC businesssolutions. "Our goal is to build a best-in-class financing programme with ourpartners at OfficeMax." "We're looking forward to providing our customers with world-class creditproducts and are pleased to partner with HSBC," said Chris Duncan, director,retail marketing for OfficeMax. "HSBC will help us improve our ability to meetour customers' needs and ultimately help grow our business." Notes to editors: 1. OfficeMax OfficeMax is a leader in both business-to-business and retail office productsdistribution. OfficeMax delivers an unparalleled customer experience - inservice, in product, in time savings and in value - through a relentless focuson its customers. The company provides office supplies and paper, print anddocument services, technology products and solutions, and furniture to large,medium and small businesses and consumers. OfficeMax customers are served byapproximately 40,000 associates through direct sales, catalogues, internet andapproximately 950 superstores. OfficeMax trades on the New York Stock Exchangeunder the symbol OMX. More information can be found at http://www.officemax.com/. 2. HSBC Retail Services HSBC Retail Services is a leading issuer of private label (merchant branded)credit cards in the United States. The business provides flexible, customisedcredit card solutions for the world's premier retailers and manufacturers andhas more than 60 active merchant relationships, including Best Buy, LevitzFurniture and Saks Fifth Avenue. For more information, visitwww.hsbcretailservices.com. HSBC Retail Services, with headquarters in Prospect Heights, Illinois, is asubsidiary of HSBC North America Holdings, Inc., one of the top 10 financialorganisations in the United States with assets totalling more than US$300billion. Both companies are wholly-owned subsidiaries of HSBC Holdings plc(HSBC) which is headquartered in London and is the holding company of the HSBCGroup. 3. HSBC - North America Holdings, Inc. HSBC - North America comprises all of HSBC's US and Canadian businesses,including the former Household International businesses. The company'sbusinesses serve more than 60 million customers in five key areas: personalfinancial services, consumer finance, commercial banking, private banking andcorporate, investment banking and markets. Financial products and services areoffered under the HSBC, HFC and Beneficial brands. For more information, visit:www.hsbcusa.com. 4. HSBC Holdings plc HSBC Holdings plc serves more than 110 million customers worldwide through morethan 9,700 offices in 77 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of US$1,467billion at 30 June 2005, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank.' This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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