Capital One Financial Corp. has taken the second step that had seemed inevitable.The McLean, Va., bank has agreed to buy the monoline U.S. credit card and private-label credit card businesses of HSBC for a $2.6 billion premium, according to press releases issued Wednesday by Capital One and HSBC. That is an 8.75% premium for the roughly $30 billion card portfolio, the releases said.
Capital One had agreed in June to buy ING Group NV's U.S. online banking unit for $9 billion. Press reports had said Capital One also was pursuing the HSBC credit card business, which was known to be on the block. Though Capital One officials downplayed speculation that they had to do the second deal to justify the first, the announcement Wednesday was not a shocker.