Wells, Capital One Eye HSBC Assets

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NEW YORK, July 14 (Reuters) – Capital One Financial Corp and Wells Fargo are among the bidders for HSBC Holdings Plc’s U.S. credit card portfolio, according to sources familiar with the situation.

In a separate HSBC asset sale, U.S. regional banks First Niagara Financial Group, KeyCorp, and M&T Bank Corp are among the bidders for the bank’s upstate New York branches, sources said.

The asset sales are part of HSBC Chief Executive Stuart Gulliver’s plan to turn around Europe’s largest bank by focusing on its main businesses. HSBC has been criticized for “planting flags” around the world with little consideration to profitability.

HSBC also said it would shrink its network of 475 U.S. branches to focus on the international business of U.S. clients and the U.S. business of overseas firms, as well as on a revival in the U.S. manufacturing industry.

This article, Wells, Capital One Eye HSBC Assets, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes

The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.

We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.

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