HONG KONG - 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 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 noted.
Two 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 their cards renewed on expiry, one of them added, noting that such clients account for a large portion of the business in the country.
Bu hikaye The Straits Times dergisinin November 30, 2024 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin November 30, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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