HSBC winding down credit card business in China, Reuters reports

HSBC (HSBC) is pulling back from its credit card business in China eight years after its launch, as the company struggled to expand and make the enterprise profitable, Reuters’ Selena Li and Engen Tham report, citing sources with knowledge of the matter. The 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.