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Capital One Completes HSBC Card Acquisition

By Andrew R. Johnson Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Capital One Financial Corp. (COF) said Tuesday it completed its acquisition of HSBC Holdings PLC's (HBC, HSBA.LN. 0005.HK) U.S. credit-card business, a deal expected to bolster its size in the retail card market. The deal includes $28.2 billion of credit-card loans and $600 million in "other net assets," Capital One said in a regulatory filing. The McLean, Va., bank, which first announced the deal in August, paid $31.3 billion in cash to HSBC, including a $2.5 billion premium on the credit-card loans, though the price could change based on final values of the assets and liabilities. Capital One in March said it was selling $1.25 billion of common stock to help fund the acquisition. The portfolio includes a large portion of private-label cards, or those issued in the names of retailers, and makes Capital One the third-largest issuer of such cards behind General Electric Co. (GE) and Citigroup Inc. (C). In addition to closing the acquisition, Capital One also said it entered an agreement with a technology unit of HSBC that will provide it services related to fraud and information security, business intelligence and other activities for up to two years. Capital One will pay fees, which were not disclosed in the filing, in exchange for the services. The HSBC deal is the second acquisition completed this year by Capital One, which closed its purchase of ING Groep N.V.'s (ING, INGA.AE) U.S. online banking business in February. -By Andrew R. Johnson, Dow Jones Newswires; 212-416-3214; andrew.r.johnson@dowjones.com

Stock News for Ing (ING)
DateTimeHeadline
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