Capital One Financial Corp (COF.N) struck a deal to purchase HSBC's (HSBA.L) U.S. credit card arm for $2.6 billion more than the face value of the loans, the latest in a string of acquisitions for the U.S. bank. The deal gives Capital One $30 billion of additional assets, which it needs because of a separate acquisition that will leave it with $80 billion of new deposits. For HSBC, the sale is part of a drive by new Chief Executive Stuart Gulliver to streamline its business and cut costs by $3.5 billion a year. The bank said last week it is selling 195 bank branches in Upstate New York for $1 billion. (For a Breakingviews column on the move by HSBC, click on .)
Capital One Financial Corporation is a diversified financial services holding company. Shares of COF traded higher by 1.37% or $0.56/share to $41.33. In the past year, the shares have traded as low as $35.94 and as high as $56.26. On average, 5799990 shares of COF exchange hands on a given day and today's volume is recorded at 7905703.
