HSBC Retail sells private label credit portfolio

HSBC Retail Services Limited, a subsidiary of HSBC Holdings, is selling its consumer private label credit card portfolio to TD Financing Services.

The gross value of the portfolio was approximately $495 million as of February 28, 2013.

The agreement accelerates the wind down of HSBC’s Canadian consumer finance business. This move was originally announced by the parent company of HSBC on last March.

This is a continuation of HSBC’s strategy in Canada to focus on the core businesses of Commercial Banking, Global Banking and Markets, and Retail Banking and Wealth Management.

The sale will be completed in Q3 2013.

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