Exclusive – HSBC pulling back from China credit card business after struggling to expand, sources say

HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world’s second-largest economy, sources with knowledge of the matter said. 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. The bank, which is still finalising the plans, may keep servicing credit cards for a small segment of “high-end” clients, according to one of the sources and a separate source with knowledge of the matter.