HSBC Holdings Plc (HSBA.L) is nearing a deal to sell its $30 billion-plus U.S. credit card business to Capital One Financial Corp (COF.N), sources familiar with the situation said on Tuesday. HSBC confirmed talks to sell the business but did not name the buyer. A deal could be announced soon, the sources said. Such a deal would mark the second time Capital One has swooped for unwanted U.S. assets from a retreating European bank in recent months. The McLean, Virginia-based firm said in June it was buying ING's (ING.AS) U.S. online bank for $9 billion in cash and stock. HSBC said in May it was looking to sell its U.S. card arm, which has about $31 billion of loans, as part of a radical overhaul and $3.5 billion cost-cutting plan under new Chief Executive Stuart Gulliver.
Capital One Financial Corporation is a diversified financial services holding company. Shares of COF remained unchanged at $37.63. In the past year, the shares have traded as low as $35.94 and as high as $56.26. On average, 5685110 shares of COF exchange hands on a given day and today's volume is recorded at 6061.
