HSBC Pulls Back Credit Card Business in China, Reuters Reports

HSBC Holdings Plc is pulling back from its credit card business in China, Reuters reported, citing unidentified sources.

The lender has struggled to grow the business and make it profitable eight years after its launch in mainland China, the news agency said. It has stopped issuing new cards and is working toward winding down the service offered to a large part of its customers in the country, Reuters said. The bank’s “standalone” credit card clients who do not use HSBC banking services in China will not be able to have cards renewed upon expiry, it reported, citing a source.