30th Oct 2007 11:53
HSBC Holdings PLC30 October 2007 HSBC SELLS NON-CORE UK CARD PORTFOLIOS HSBC Bank plc has sold its marbles and Beneficial branded credit card portfolios in the UK to SAV Credit Limited, for a consideration of approximately£385 million. The portfolios consist of 338,000 accounts. Steve Britain, Head of Consumer Cards, HSBC Bank plc said: "We are fortunate tohave a number of strong brands with which to grow our cards business in the UK.These include HSBC and first direct and, through our relationships with majorretailers, M&S and John Lewis. The marbles and Beneficial brands are not a corepart of this strategy, and accordingly, we are pleased to have sold the portfolios to SAV." HSBC is one of the top five largest card issuers in the world with US$79 billionin receivables and over 120 million cards in force in approximately 40 countriesas at 30 June 2007. HSBC is one of the UK's top four card issuers, with over 10million cards in issue and receivables of £8 billion. Note to editors:HSBC Bank plcHSBC serves 15.6 million customers in the UK and employs more than 40,000 UKstaff. HSBC is Britain's most recommended big bank. HSBC Bank plc is a whollyowned subsidiary of HSBC Holdings plc, and a member of the HSBC Group. HSBCHoldings plc serves over 125 million customers worldwide through some 10,000offices in 83 countries and territories in Europe, the Asia-Pacific region, theAmericas, the Middle East and Africa. With assets of some US$2,150 billion at 30June 2007, HSBC is one of the world's largest banking and financial servicesorganisations. HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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