topic Re: U.S. regulator approves Cap One-HSBC deal in Credit in the News

U.S. regulator approves Cap One-HSBC deal

pipeguy — Sat, 10 Mar 2012 03:10:10 GMT

http://www.reuters.com/article/2012/03/09/financial-regulation-capone-idUSL2E8E9FV220120309?feedType=RSS&feedName=bondsNews&rpc=43

(Reuters) - U.S bank regulators approved Capital One Financial's acquisition of HSBC's $30 billion U.S. credit card business, the Office of the Comptroller of the Currency announced on Friday.

Another link with slightly updated information:

http://www.americanbanker.com/issues/177_48/occ-approves-capital-one-bid-hsbc-unit-1047385-1.html?CMP=OTC-RSS

Re: U.S. regulator approves Cap One-HSBC deal

marty56 — Sat, 10 Mar 2012 18:29:40 GMT

In this case, the sum of 2 subprimes is still subprime.

Back in my dark credit days, Capitol 1 tried to give me 2 $300 CL cards rather than a single $600 card. This was (still might be) a common practice designed to generate OTL fees. HSBC was not DMP friendly. Yes it was my fault but at least it makes it easier to avoid both companies.

Re: U.S. regulator approves Cap One-HSBC deal

LS2982 — Sat, 10 Mar 2012 15:32:23 GMT

@marty56 wrote:
In this case, the sum of 2 subprimes is still subprime.

Back in my dark credit days, Capitol 1 tried to give me 2 $300 CL cards rather than a single $600 crad. This was (still might be) a common practice designed to generate OTL fees. HSBC was not DMP friendly. Yes it was my fault but at least it makes it easier to avoid both companies.

But hopefully they will start to change their image some here soon!!

Re: U.S. regulator approves Cap One-HSBC deal

Revelate — Sun, 11 Mar 2012 22:39:59 GMT

@LS2982 wrote:
@marty56 wrote:
In this case, the sum of 2 subprimes is still subprime.

Back in my dark credit days, Capitol 1 tried to give me 2 $300 CL cards rather than a single $600 crad. This was (still might be) a common practice designed to generate OTL fees. HSBC was not DMP friendly. Yes it was my fault but at least it makes it easier to avoid both companies.

+1

But hopefully they will start to change their image some here soon!!

Don't confuse HSBC with Orchard: while HSBC has some of their own subprime offerings, they are very much a prime credit card extender too. It was this second part which Cap One stated their interest in... I'm betting Cap One doesn't even officially consolidate Orchard into it.

Re: U.S. regulator approves Cap One-HSBC deal

pipeguy — Mon, 12 Mar 2012 04:24:08 GMT

@Revelate wrote:
Don't confuse HSBC with Orchard: while HSBC has some of their own subprime offerings, they are very much a prime credit card extender too. It was this second part which Cap One stated their interest in... I'm betting Cap One doesn't even officially consolidate Orchard into it.

The Agreement is that Capital One is to purchase all of HSBC's USA credit card operation including private label co-branded cards (Best Buy, etc) and branded cards HSBC, Household Bank, Orchard, etc. The only HSBC card operation excluded was the premier investment accounts which is relocating to Ireland.

http://www.washingtonpost.com/business/economy/capital-one-snags-hsbc-credit-card-business/2011/08/10/gIQArj136I_story.html

http://www.reuters.com/article/2011/08/10/us-hsbc-capitalone-idUSTRE7790W620110810

Re: U.S. regulator approves Cap One-HSBC deal

deemutz — Fri, 23 Mar 2012 23:47:41 GMT

so I should hit up HSBC for a cli before cap1 takes over then huh?

Re: U.S. regulator approves Cap One-HSBC deal

icebain — Tue, 27 Mar 2012 15:31:30 GMT

I did just that, and got one just a few days ago on a SP.