Bidders circle HSBC assets

CAPITAL One and Wells Fargo are among the bidders for HSBC Holdings’ US credit card portfolio, sources said yesterday. A separate sale of HSBC’s New York state branches has attracted bids from US regional banks First Niagara, KeyCorp, and M&T Bank.

The asset sales are part of HSBC chief executive Stuart Gulliver’s plan to refocus the bank on its main businesses. The bank said in May it may sell the credit card unit, which has more than $30bn (£18.7bn) in assets.