HSBC Card & Retail Services Renews Private Label Credit Card Agreements With Saks Incorporated and Three Other Top Companies
Darvin Furniture, Big Lots and Jordans Furniture Also Extend Agreements
METTAWA, Ill.--(BUSINESS WIRE)-- HSBC North America's Card and Retail Services business has reached agreement with Saks Incorporated and three other major retailers to continue the management of their private label credit card programs. In addition to reaching a new agreement with Saks, HSBC (HBC) also renewed the programs for Darvin Furniture, Big Lots and Jordans Furniture. All four companies have also agreed to the assignment of their program agreements to Capital One upon closing of its planned acquisition of HSBCs card and retail services business which was announced in August.
"We are very proud of our long-term, productive relationships with these partners, said Steven Mattics, Head of Retail Services for HSBC. "Our customized financing products have made it easier than ever for our merchant partners to meet the credit needs of their customers, deepen loyalty for their brand and increase their sales. These renewals demonstrate the strength of our long term partnerships and the value of our industry leading private label capabilities."
In extending its private label credit card program agreement, Saks Incorporated continues a relationship with HSBC first established in 2003. Saks Incorporated, based in New York , New York, is one of the worlds pre-eminent specialty retailers, operating 46 Saks Fifth Avenue stores, 61 Saks Fifth Avenue OFF 5TH stores, and saks.com.
Darvin Furniture of Orland Park, Illinois and HSBC will renew a relationship that spans over 30 years. Darvin Furniture is recognized as one of the top 100 furniture stores in America.
Big Lots and HSBC have been private label partners since March 2005. Big Lots, headquartered in Columbus, Ohio, is the nation's largest broadline closeout retailer, offering brand name products in more than 1,400 retail stores serving 48 states.
Jordans Furniture has been an HSBC private label partner since 1991. Jordans is a Berkshire Hathaway company operating six stores in Massachusetts and New Hampshire.
About HSBC Card and Retail Services:
Card and Retail Services is the seventh largest provider of MasterCard and Visa credit cards in the United States. In addition, Card and Retail Services is the third largest issuer of private label (merchant branded) credit cards in the U.S. and also offers co-brand cards. The business has private label card relationships with over 20 merchants, including some of the world's premier retailers and manufacturers.
Source: HSBCCopyright Business Wire 2011