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Capital One Financial Corp. to Acquire HSBC's Domestic Credit Card Business for Premium of Approximately $2.6 Billion


Wednesday, 10 Aug 2011 12:30am EDT 

Capital One Financial Corp. announced 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% premium to par value of all receivables. As of June 30, 2011, the premium would have totaled $2.59 billion. The acquisition includes ongoing private label and co-branded partnerships as well as infrastructure and capabilities that significantly enhance Capital One's partnership platform for future growth. The company expects to complete the acquisition in the second quarter of 2012. 

Company Quote

61.13
-0.11 -0.18%
24 May 2013