HSBC is selling its credit card division in the US to Capital One in a 23 billion euro deal as Europe’s top bank streamlines its vast international operations.
One analyst called the price “somewhat disappointing” and demonstrates it is a buyer’s market.
Capital One specialises in credit cards.
The deal further unravels HSBC’s disastrous purchase of US consumer lending firm Household in 2003.
HSBC’s executives now admit was a bad deal as they have taken massive losses on the sub-prime home loans they took on.