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HSBC HOLDINGS Reportedly Shrinking or Exiting CN Credit Card Biz
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HSBC HOLDINGS (00005.HK) is scaling back or exiting its credit card business in mainland China as it struggles to expand its scale and make profit, Reuters reported, citing sources. The bank has purportedly ceased new card issuance and is gradually winding down its onshore business. Sources also said that HSBC decided to close the business after it failed to sell it. The bank may retain credit card services for some of its high-end customers, but credit card users who have not used the services of mainland banks will not be issued with new cards upon expiry of their cards. These customers account for a large proportion of the bank's mainland credit card customers. The report quoted an HSBC spokesman as responding that the bank will continue to anchor on international travel and lifestyle credit card services as part of its Premier and Global Private Banking services in mainland China. AAStocks Financial News |
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