Capital One Bulks Up U.S. Cards With $33 Billion HSBC Buy

HSBC is selling its U.S. credit card arm to Capital One Financial Corp in a $32.7 billion deal as Europe's top bank streamlines its mammoth operations.

It marks the second major deal in the United States for cards specialist Capital One, which said it was paying a $2.6 billion premium over the value of the loans. For HSBC, it is part of a radical overhaul to save $3.5 billion by new chief executive Stuart Gulliver.

[Read more...]