HSBC Said Mulling $3 billion U.S. Card Deal

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000241-hsbc-said-mulling-3-billion-us-card-deal/

British bank HSBC may make an offer for the $3 billion credit card portfolios of Macy’s and Bloomingdale’s department stores, according to a report published Tuesday.

The Times (of London) newspaper reported that the credit card operations of Macy’s and Bloomingdale’s, owned by Federated Department Stores, would be “reasonably attractive” to financial institutions like HSBC who are looking to expand their business in the U.S., citing an unnamed source close to the U.K. bank.

The operations consist of the proprietary credit cards for Bloomingdale’s and Burdines’s and co-branded Visa card operations.

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