HSBC to Close China Credit Card Business Amid Expansion Struggle

HSBC Holdings PLC (HSBC) plans to close its credit card operations in China as it faces challenges to achieve growth and profitability in the region. This was reported by sources with knowledge of the matter to Reuters.Details of HSBC’s Credit Card Operations ClosureHSBC has ceased the issuance of new cards and is aiming to wind down the service offered to a major chunk of China's onshore customers. The closure is taking place following unsuccessful attempts to divest the business.The bank is still finalizi ...