FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of October 2005
HSBC Holdings plc
42nd Floor, 8 Canada
Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)
HSBC RETAIL SERVICES
ACQUIRES OFFICEMAX CREDIT CARD PORTFOLIO
HSBC Retail Credit USA and HSBC Bank Nevada, NA (HSBC Retail Services) have
reached an agreement to acquire the consumer and commercial credit receivables
of OfficeMax, a leading office supplies retailer in the United States.
HSBC is purchasing approximately US$81.6 million in receivables. Consumer
accounts and receivables are being purchased by HSBC Bank Nevada, NA and
commercial accounts and receivables are being purchased by HSBC Retail Credit
USA. The transaction is expected to close in the fourth quarter of 2005. HSBC is
paying a 4.5 per cent premium on the entire credit card portfolio.
"Our ability to provide customised business payment solutions allows our clients
to focus on building their business and sales, while offering their customers
flexible credit options," said Brian Zempel, managing director, HSBC business
solutions. "Our goal is to build a best-in-class financing programme with our
partners at OfficeMax."
"We're looking forward to providing our customers with world-class credit
products and are pleased to partner with HSBC," said Chris Duncan, director,
retail marketing for OfficeMax. "HSBC will help us improve our ability to meet
our customers' needs and ultimately help grow our business."
Notes to editors:
1. OfficeMax
OfficeMax is a leader in both business-to-business and retail office products
distribution. OfficeMax delivers an unparalleled customer experience - in
service, in product, in time savings and in value - through a relentless focus
on its customers. The company provides office supplies and paper, print and
document services, technology products and solutions, and furniture to large,
medium and small businesses and consumers. OfficeMax customers are served by
approximately 40,000 associates through direct sales, catalogues, internet and
approximately 950 superstores. OfficeMax trades on the New York Stock Exchange
under the symbol OMX. More information can be found at http://www.officemax.com
/.
2. HSBC Retail Services
HSBC Retail Services is a leading issuer of private label (merchant branded)
credit cards in the United States. The business provides flexible, customised
credit card solutions for the world's premier retailers and manufacturers and
has more than 60 active merchant relationships, including Best Buy, Levitz
Furniture and Saks Fifth Avenue. For more information, visit
www.hsbcretailservices.com.
HSBC Retail Services, with headquarters in Prospect Heights, Illinois, is a
subsidiary of HSBC North America Holdings, Inc., one of the top 10 financial
organisations in the United States with assets totalling more than US$300
billion. Both companies are wholly-owned subsidiaries of HSBC Holdings plc
(HSBC) which is headquartered in London and is the holding company of the HSBC
Group.
3. HSBC - North America Holdings, Inc.
HSBC - North America comprises all of HSBC's US and Canadian businesses,
including the former Household International businesses. The company's
businesses serve more than 60 million customers in five key areas: personal
financial services, consumer finance, commercial banking, private banking and
corporate, investment banking and markets. Financial products and services are
offered under the HSBC, HFC and Beneficial brands. For more information, visit:
www.hsbcusa.com.
4. HSBC Holdings plc
HSBC Holdings plc serves more than 110 million customers worldwide through more
than 9,700 offices in 77 countries and territories in Europe, the Asia-Pacific
region, the Americas, the Middle East and Africa. With assets of US$1,467
billion at 30 June 2005, HSBC is one of the world's largest banking and
financial services organisations. HSBC is marketed worldwide as 'the world's
local bank.'
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 24 October 2005