Metris Credit Card Accounts to be Acquired by HSBC Finance Corporation

Written by CardRatings.com
Posted On: August 15, 2005

Metris Companies, Inc. is set to be acquired by HSBC Finance Corporation in a cash transaction that values Metris at $1.594 billion.

HSBC is the nation's sixth largest issuer of MasterCard and Visa credit cards.    In addition, HSBC and its subsidiaries provide middle market consumers with real estate secured loans, private label credit cards, auto finance loans, personal loans, tax refund loans and specialty insurance products.

Bobby Mehta, Chairman and Chief Executive Officer of HSBC Finance Corporation said:


cardbenefits"HSBC Finance is a major provider of near-prime consumer finance credit in the United States and this acquisition deepens our capabilities to serve the full spectrum of credit card customers.    We are very familiar with Metris and its management team and look forward to the integration of their business within HSBC."


Metris Companies, Inc., based in Minnetonka, Minnesota, was formed in 1994 and became a public company in 1996.    It is the 11th largest issuer of MasterCard and Visa cards in the U.S. and has managed receivables of about $5.9 billion. Metris issues credit cards through Direct Merchants Bank.

Chairman and Chief Executive Officer of Metris, David Wesselink, said:


cardbenefits"Being part of a world-class organization such as HSBC is a logical step following our successful turnaround of the business.    HSBC and Metris will make a terrific combination, continuing to serve the needs of our customers."


You can learn more about this acquisition here:
http://www.hsbcusa.com/ourcompany/pressroom/2005/news_080405_hsbc_finance_to_aquire_metris.html

We welcome your comments about credit cards in our popular credit forum!

1 Responses to "Metris Credit Card Accounts to be Acquired by HSBC Finance Corporation"
  1. mandyprehiem9869 August 18, 2005 at 1:05 am

    St0ck For Your Review - FCPG Current ProfileFaceprint Global Solutions (FCPG) Current Price $0.15 A U.S. based-company dedicated to the goal of bringing effective security solutions to the marketplace. With violent and white-collar terrorism on the rise, companies are starving for innovative security solutions. FCPG is set to bring hot new security solutions to the industry, with currently over 40 governmental and non-governmental contracts, being negotiated. Please Review Exactly What this Company Does. Why consider Faceprint Global Solutions (FCPG)? Faceprint Global Solutions (FCPG) holds the exclusive marketing rights from Keyvelop, to sell the world?s leading encryption technology to be distributed directly to the Healthcare industry in North America. Faceprint Global Solutions has completed its biometric software that recognizes facial features of individuals entering and leaving through airports, ship yards, banks, large buildings, etc. FCPG acquired Montreal-based Apometrix Technologies, which enhances the companies mission of being a full-service provider to the multi-application smart card industry. The North American market appears ready for significant expansion of price-competitive, proven, multi-application solutions on smart cards. Apometrix's forecast of over 300 customers and sales of more than $50 million in North America over the next five years, appears very realistic, according to company management. Faceprint Global Solutions is currently in contract negotiations with over 40 governmental agencies and businesses seeking to use their encryption, biometric, and smart-card technologies. Breaking News for Faceprint Global Solutions (FCPG) Faceprint Global Solutions (FCPG) is pleased to announce that IBM will now offer the world?s leading encryption software to its major Healthcare clients in North America. With FCPG owning the exclusive North American rights to distribute the worlds leading encryption and transmission software developed by Keyvelop, FCPG is poised to capture large volumes of sales generated by customers currently using IBM?s software in the healthcare and other industries.

      Reply»  

Leave a Comment
 
 
 

Related Articles:
Top articles from CardRatings.com