HSBC Bank Australia, an indirect wholly-owned subsidiary of HSBC Holdings, has reached an agreement to dispose of its Woolworths white label credit card portfolio in the country to Macquarie Bank.
The company said that as a result of the divesture of card portfolio, HSBC’s credit card agreement with Woolworths will be terminated.
The value of the gross assets being sold stood at nearly A$362m (approximately $336m) at 31 March 2014.
The deal is likely to conclude during the second quarter of 2014. HSBC will offer services to Macquarie relating to the credit card portfolio until first half of 2015.
The London-headquartered bank said that Australia continues to be a priority growth market for HSBC where the group remains focused on building a strong and sustainable business.
HSBC credit cards will continue to be a part of the retail banking and wealth management strategy in Australia.