HSBC responds to rumours of "exiting credit card business in China": continues to offer credit card services focused on international travel and lifestyle

On November 29th, it was reported that HSBC will withdraw from its credit card business in China. The bank has stopped issuing new cards and is trying to scale back the services it provides to most customers in China. According to people familiar with the matter, HSBC has previously tried unsuccessfully to sell the business and now plans to end the business and may continue to provide credit card services to a small number of high-end customers. In a statement to the media, an HSBC spokesperson responded: "As part of our excellent wealth management and global private banking services in the Chinese mainland, we will continue to provide credit card services with an international travel and lifestyle focus."