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28/06/2011 -
A major corporation, which handles payment processing announced plans to discontinue its credit card lending service.The CEO of HSBC, Stuart Gulliver, said that his firm was unable to find a buyer for its credit card division and was looking to cut some of its $33 billion a year portfolio.
He went on to say that even if it could not find a suitable offer for its business it would begin eliminating it and focusing on other opportunities.
"If we can't find a buyer we will put it into rundown," Gulliver said to reporters at the Word Economic Forum in Jakarta. He also said that the move came as part of a bigger initiative.
The announcement comes just a few weeks after the financing giant said it wanted to cut $3.5 billion in costs.
In an interview with Dow Jones, Gulliver said that the company's international businesses would not be affected by its latest moves. He said that Asian operations specifically would go on as normal.
