HSBC ends its credit card business in China due to profitability challenges and competition.

HSBC is ending its credit card business in China, eight years after launching it, due to difficulties in expanding and making it profitable. The bank has stopped issuing new cards and is phasing out services for most onshore customers. HSBC faces challenges in China, including competition from digital platforms and regulatory restrictions. The move comes as the bank seeks to adjust its strategy in the region.

November 29, 2024
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