Sunday, September 21, 2014
Inquirer Daily News

PhillyInc finds Capital One putting HSBC in its wallet

The McLean, Va. financial giant is buying HSBC's U.S. credit card arm for $32.7 billion.

PhillyInc finds Capital One putting HSBC in its wallet

Capital One Financial is buying HSBC's U.S. credit card division for $32.7 billion.

HSBC has operations in New Castle, Del., where about 700 people are engaged in insurance underwriting and customer services. However, HSBC ended its credit-card operations there earlier this year when it cut 550 jobs related to credit-card customer service and collections.

As for Capital One, this is its second big acquisition in two months. The McLean, Va. company agreed to acquire ING's U.S. online bank, which is based in Wilmington, in June. Here's a link to the Bloomberg story.

Reuters brings word Wednesday that a New York hedge fund is pressuring Philadelphia-based Checkpoint Systems to put itself up for sale. MMI Investments recommended that the maker of anti-theft devices used in retail stores hire an investment banker to do just that, but was rebuffed, Reuters said citing a letter it had obtained.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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