HSBC pulling back from China credit card business after struggling to expand
HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.
The Asia-focused bank has stopped issuing new cards and is working towards winding down the service offered to a large part of China onshore customers, three sources with direct knowledge of the matter said.
Two of the them said the planned closure comes after failed attempts to sell the business.
The bank, which is still finalising the plans, may keep servicing credit cards for a small segment of «high-end» clients, according to one of the sources and a separate source with knowledge of the matter.
The bank's «stand alone» credit card clients, those who do not use HSBC banking services in China, will not be able to have cards renewed on expiry, one of them said, adding such clients account for a large portion of the business in the country.
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