Hsbc Middle East

HSBC names senior marketing manager

Maisa has over six years of experience in the marketing and advertising field, handling marketing strategies and plans for a variety of businesses in the local market. Her responsibilities included managing the creation of brands’ corporate identities and positioning as well as supervising media plans and tactics, providing organisations and businesses with the necessary marketing tools and campaigns to achieve their primary marketing “We are delighted to announce Maisa’s appointment to this role. She brings with her valuable experience in the marketing domain and a deep understanding of consumers. Her leading strategic capability will be key in leading HSBC Qatar’s marketing initiatives.” said Abdul Hakeem Mostafawi, chief executive officer, Qatar “Working with HSBC Qatar provides the chance to help grow a strong global brand locally. This is an opportunity I have been searching for as it will allow me to utilise everything I’ve learned as well as challenge me to grow in my career. I am delighted to be part of such a great team of professionals and look forward to ensuring all functioning departments within the bank receive the marketing support and the amount of exposure they need,” said Maisa Taha.

Maisa has over six years of experience in the marketing and advertising field, handling marketing strategies and plans for a variety of businesses in the local market. Her responsibilities included managing the creation of brands’ corporate identities and positioning as well as supervising media plans and tactics, providing organisations and businesses with the necessary marketing tools and campaigns to achieve their primary marketing “Working with HSBC Qatar provides the chance to help grow a strong global brand locally. This is an opportunity I have been searching for as it will allow me to utilise everything I’ve learned as well as challenge me to grow in my career. I am delighted to be part of such a great team of professionals and look forward to ensuring all functioning departments within the bank receive the marketing support and the amount of exposure they need,” said Maisa Taha.

Capital One to buy HSBC's U.S. card unit | arabiangazette.com

Capital One Financial Corp. has agreed to buy HSBC Holdings Plc’s domestic credit card business for a premium of about $2.6 billion, the US-based financial holding company said Wednesday.

As per the definitive agreement between the two companies, Capital One will acquire HSBC’s US credit card business, including its $30 billion credit card portfolio, for an 8.75 percent premium to par value of all receivables. As of June 30, 2011, the premium would have totaled $2.59 billion.

This will be Capital One’s second major deal with a European firm in as many months. It follows the firm’s agreement in June to buy the American online banking operations of ING Group of the Netherlands for $9 billion.

The deal includes ongoing private label and co-branded partnerships along with infrastructure and capabilities that will boost Capital One’s partnership platform. The combination is expected to enhance Capital One’s existing franchise and scale in the Domestic Card business.

Richard Fairbank, Chairman and Chief Executive Officer of Capital One said, “The acquisition of HSBC’s domestic credit card business is an attractive strategic and financial opportunity in a business we know well. Adding the HSBC card business to our own will enhance our credit card franchise and accelerate our achievement of a leadership position in retail card partnerships.”

Cost trimming

HSBC had already announced that it was considering shedding non-core consumer operations and assets as part of a $3.5 billion cost-trimming effort. Last week, the British bank announced plans to lay off 30,000 employees.

It also said that it was selling 195 bank branches, mostly in upstate New York, to the First Niagara Financial Group for about $1 billion.

While the auction of the HSBC card business had attracted other potential suitors, like Wells Fargo, bankers considered Capital One the most likely buyer. The 23-year-old firm began life as a credit card lender, and it remains one of the biggest purveyors of such services to customers with less-than-ideal borrowing histories.

HSBC had announced in May that it was conducting a strategic review of the US credit card and retail services arm.

HSBC acquired the US credit-card unit in 2003 as part of its $15.5 billion acquisition of subprime-mortgage lender Household International, which is currently known as HSBC Finance. The bank reportedly halted consumer-finance lending at the unit in 2009, which has contributed to about $60 billion of provisions in North America.