Comparing credit card offers since 2005 - it's fast and easy! Search, Compare and Apply for the best credit card deals now

HSBC Completes Acquisition of Metris Companies

by Peter Andrew


To offer our weekly summary of credit card rates, Credit

Card Monitor, in your publication or on your Web site, please

contact syndicate@indexcreditcards[dot]com.



Completes Acquisition of Metris Companies

HSBC Finance Corporation announced Thursday that its acquisition

of credit card issuer Metris Companies has been completed.

HSBC paid Metris shareholders approximately $1.6 billion in

cash. Each holder of Metris common stock received $15 a share.


got into serious financial problems in 2001 when its strategy

of issuing cards to "sub-prime" consumers backfired

amidst the severe economic slowdown. More recently, Metris had

begun a turnaround predicated on lending to "near prime"

customers -- those with credit still below average, but not

the bottom of the barerel.


was formed in 1994 and became a public company in 1996. The

company issues credit cards through Direct Merchants Credit

Card Bank, N.A., a wholly-owned subsidiary headquartered in

Phoenix, Arizona. HSBC has not announced whether the same issuing

process will continue, or if credit cards will be re-branded.


Published 12/02/05 (Modified 11/26/12)

Share this article with:

0 Responses to "HSBC Completes Acquisition of Metris Companies"

No Comments

Leave a Comment