HSBC Credit Card Sale to Capital One

[pipeguy]

Latest Press Release - doesn't say a whole lot but it's an update.

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While HSBC Finance Corp. will cease issuing credit cards, HSBC Bank U.S.A. will continue to do so, the lender said. HSBC is selling part of the HSBC Bank U.S.A. credit card business and its upstate New York branch network to First Niagara Financial Group Inc. (FNFG), the bank said.

http://www.bloomberg.com/news/2012-05-02/hsbc-gets-31-3-billion-in-cash-for-u-s-card-and-retail-sale...

[rckstrscott]

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@pipeguy wrote:

Latest Press Release - doesn't say a whole lot but it's an update.

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While HSBC Finance Corp. will cease issuing credit cards, HSBC Bank U.S.A. will continue to do so, the lender said. HSBC is selling part of the HSBC Bank U.S.A. credit card business and its upstate New York branch network to First Niagara Financial Group Inc. (FNFG), the bank said.

http://www.bloomberg.com/news/2012-05-02/hsbc-gets-31-3-billion-in-cash-for-u-s-card-and-retail-sale...

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On my way into work, the huge HSBC building in suburban Chicago has already been rebranded, the HSBC sign was replaced with a Cap1 sign -- that was quick. When I worked at Bank One it took a while to rebrand to Chase.

-scott