Business and Finance Business and Finance
Fri, November 29, 2024
[ 08:30 AM ] - Bill Williamson
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Exclusive: HSBC pulling back from China credit ca .. business after struggling to expand, sources say

Exclusive: HSBC pulling back from China credit card business after struggling to expand, sources say


Published on 2024-11-29 01:00:39 - Bill Williamson, WOPRAI
  Print publication without navigation

  • HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.

HSBC is scaling back its credit card business in China due to challenges in expanding its market share, according to sources familiar with the matter. The bank has been unable to significantly grow its credit card customer base in the country, leading to a strategic retreat from this segment. This decision comes amidst a broader context of foreign banks facing difficulties in penetrating the Chinese market, which is dominated by local financial institutions. HSBC's move reflects a reassessment of its business priorities in China, focusing on areas where it can achieve more sustainable growth.

Read the Full Reuters Article at [ https://www.reuters.com/business/finance/hsbc-pulling-back-china-credit-card-business-after-struggling-expand-sources-say-2024-11-29/ ]
Contributing Sources