Capital One buying HSBC US credit card business.

Discussion in 'Other Credit Card Programs' started by jbcarioca, Aug 12, 2011.  |  Print Topic

  1. jbcarioca
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    jbcarioca Gold Member

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    Capital One Financial Corporation (NYSE: COF) announced today a definitive agreement under which Capital One will acquire HSBC's domestic credit card business, including its approximately $30 billion credit card portfolio, for an 8.75 percent premium to par value of all receivables. As of June 30, 2011, the premium would have totaled $2.59 billion. Despite the expected addition of approximately $30 billion of HSBC credit card loans,

    http://phx.corporate-ir.net/phoenix.zhtml?c=70667&p=irol-newsArticle&ID=1594968&highlight=

    This was expected since discussions were public a few days ago, but now the announcement is official.
     

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