HSBC pulling back from China credit card biz after struggling to expand

Q: How long will it take to read this news story?

The story "HSBC pulling back from China credit card biz after struggling to expand" has 672 words across 22 sentences, which will take approximately 3 - 6 minutes for the average person to read.

Q: Which news outlet covered this story?

The story "HSBC pulling back from China credit card biz after struggling to expand" was covered 5 hours ago by Business Standard, a news publisher based in India.

Q: How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news. The outlet is headquartered in India and publishes an average of 267 news stories per day. It's most recent story was published 2 hours ago.

Q: What do people currently think of this news story?

The sentiment for this story is currently Negative, indicating that people regard this as "bad news".

Q: How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.<ul><li>News ID: #23940749</li><li>URL: https://beamstart.com/news/hsbc-pulling-back-from-china-17328691202744</li></ul>

Business Standard Logo Business Standard 5h ago

HSBC pulling back from China credit card biz after struggling to expand - Business Standard

Quick Summary:

Within 18 months of the service launch, HSBC saw the business touch $500 million in outstanding balance, before growth stalled and transactions plunged due to China's stringent COVID-induced lockdowns, one of the sources said.

The Greater China region, which includes Hong Kong and Taiwan, is the group's biggest income generator but China is the only market globally where HSBC's wealth and personal banking business is not profitable yet.

The Asia-focused bank has stopped issuing new cards and is working towards winding down the service offered to a large part of China onshore customers, three sources with direct knowledge of the matter said.