HSBC Credit Card Sale to Capital One Nets $2.5 Billion Premium

HSBC Holdings Plc (HSBA), Europe’s largest bank, has completed the sale of its U.S. credit card unit to Capital One Financial Corp. (COF) for a net premium of $2.5 billion. HSBC agreed to sell the business last August.

London-based HSBC received $31.3 billion (US) in cash for the sale and customer balances of the U.S. card and consumer services division, the bank said in a statement today.