HSBC made a deal with Capital One to purchase its credit card business for $2.6 billion, CNNMoney reports.
HSBC has a credit card portfolio with $30 billion in receivables.
Capital One said the deal, which it announced Wednesday, should be completed by the second quarter of 2012, CNNMoney reported.
"The acquisition of HSBC's domestic card business is an attractive strategic and financial opportunity in a business we know well," Capital One Chief Executive Richard Fairbank said in a press release.
For HSBC, the deal is part of a strategic realignment that includes the recently announced sale of 195 U.S. branches in western New York state to First Niagara Corp.
Meanwhile, HSBC says it will close retail businesses in Russia and Poland, including three insurance businesses. The closures will result in a total of 30,000 jobs lost worldwide over the next few years.
