@Curious_George2 wrote:@K-in-Boston: Weird. I have had an HSBC card since 2005, and my experience with it doesn't match what you describe. I never knew about the sale of portfolio to Capital One, and I never saw any evidence that my account left HSBC's hands. I just checked an old credit report from 2012 and it doesn't show the account duplicated/transfered as you describe, or anything out of the ordinary. Is it possible they retained some accounts, including mine?
Setting that aside, any speculation about what this news report means for their U.S. credit card business is just that: speculation. Right? The article addresses "retail banking" and talks about branch closures. But it says nothing about credit cards, which I assume are in a separate division of the company from retail banking. I don't have any bank accounts with HSBC, but just today, I recieved an email from them, inviting me to sign up for something called Direct Checking, which they bill as an "easy, no-fee, online-only checking account." Perhaps they are trying to keep just enough of a banking presence here to service their CC holders. Or maybe the marketing department just hasn't gotten the memo yet.
Don't get me wrong -- I dislike HSBC. I only keep the card open because it's old and free. They are the black sheep of my CC issuers and I wouldn't necessary shed any tears if they sold my account... but of course, much depends on who buys it.
The Retail Banking piece of HSBC Bank USA, N.A. includes Credit Card loans. Also, keep in mind that while you may still be receiving any direct promotional marketing, it is still business as usual until any final deals have been assessed and completed. So, until an official announcement is made, we can only go by what's been published so far.
Plus, the potential sale/divestiture is addressing the exit from a specific Line of Business, in this case the Retail Banking and Wealth Management side (and it includes CCs). Currently, HSBC Bank USA, N.A. is grouped into the following 4 LOBs:
Retail Banking and Wealth Management
Commercial Banking
Global Banking and Markets
Private Bank
Also, the following article points out:
"But HSBC's commentary that the U.S. is integral to its global corporate and institutional businesses, along with media reports, suggests that a more modest divestiture is possible. The wealth and personal banking business at HSBC USA Inc. had $48.48 billion in deposits and $23.82 billion of loans at Sept. 30. At the right price, an operation like that might be of interest to a range of regional banks such as U.S. Bancorp, Citizens Financial Group Inc., KeyCorp and M&T Bank Corp., Keefe Bruyette & Woods analyst Brian Klock said."
I'm not surprised. Despite being one of the largest banks in the world, they did a poor job of acquiring business in the U.S.
Just read every article I could find regarding the sales to Citizens and Cathay. Nothing mentioned about credit cards.
Are you sure HSBC is exiting U.S. market on credit cards?
