M&A Deal Summary

Capital One Acquires HSBC US Credit Card Unit

On May 2, 2012, Capital One acquired financial services company HSBC US Credit Card Unit from HSBC Holding for 2.5B USD

Acquisition Highlights
  • This is Capital One’s 10th transaction in the Financial Services sector.
  • This is Capital One’s 5th largest (disclosed) transaction.
  • This is Capital One’s 9th transaction in the United States.

M&A Deal Summary
Date 2012-05-02
Target HSBC US Credit Card Unit
Sector Financial Services
Buyer(s) Capital One
Sellers(s) HSBC Holding
Deal Type Divestiture
Deal Value 2.5B USD

Target

HSBC US Credit Card Unit

United States
HSBC's US credit card unit included a balance of $30 billion in debt.

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Buyer(S) 1

Buyer

Capital One

McLean, Virginia, United States
Category Company
Founded 1988
Sector Financial Services
Employees56,100
Revenue 36.8B USD (2023)
DESCRIPTION
Capital One's headquarters in McLean, Virginia.
Capital One's headquarters in McLean, Virginia.

Capital One Financial is a diversified financial services holding company with banking and non-banking subsidiaries. Capital One Financial Corporation and its subsidiaries offer a broad array of financial products and services to consumers, small businesses and commercial clients through branches, the internet and other distribution channels. Capital One was incorporated in 1988 and is based in McLean, Virginia.

DEAL STATS #
Overall 10 of 23
Sector (Financial Services) 10 of 14
Type (Divestiture) 3 of 4
Country (United States) 9 of 22
Year (2012) 1 of 3
Size (of disclosed) 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-16 ING Direct USA

Wilmington, Delaware, United States

ING Direct USA is a direct to consumer bank formed in 2000.

Buy $9.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-05-07 BankOns

San Francisco, California, United States

BankOns is the developer of a rewards system that works off of a consumer’s geo-location data and purchase history.

Buy -

Seller(S) 1

SELLER

HSBC Holding

London, United Kingdom
Category Company
Founded 1865
Sector Financial Services
Employees214,400
Revenue 63.0B USD (2023)
DESCRIPTION

HSBC is a global banking and financial services company. HSBC dates back to 1865 and is based in London, United Kingdom

DEAL STATS #
Overall 5 of 10
Sector (Financial Services) 2 of 4
Type (Divestiture) 4 of 9
Country (United States) 2 of 4
Year (2012) 1 of 5
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-12-01 HSBC Actuaries and Consultants

London, United Kingdom

HACL is a highly respected participant in the UK Employee Benefits market place, with both a strong business in its own right and an excellent relationship with the bank and its clients that we are confident will continue.

Sell £27M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-13 HSBC - 37 Retail Banking Branches

United States

HSBC - 37 Retail Banking Branches, 26 branches are in its Western New York District and 11 are in its Rochester District, bringing to 100 the total number of KeyBank branches in those markets.

Sell $95M
Mergr

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