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HSBC Acquires Boscov’s Credit Card Portfolio
PROSPECT HEIGHTS, Ill. -- HSBC - North America's retail services business announced today that it has entered into a strategic alliance to acquire the credit receivables and to manage the ongoing credit program of Boscov's Department Stores, the largest full-line, family-owned independent department store chain in the United States.
By partnering with HSBC (NYSE: HBC) as a third-party service provider, Boscov's customers will continue to enjoy all of the benefits of their existing card program, including a points-based rewards program, where customers can earn up to four points for every dollar charged on their Boscov's private label card. In addition, Boscov's will be able to leverage HSBC's expertise in credit, marketing analytics and customer loyalty to acquire new customers and build market share as Boscov's continues to grow its business.
"We are excited about our new partnership with Boscov's and are committed to providing additional value to their existing credit program over the course of our relationship," said Joseph Hoff, chief executive officer, HSBC Retail Services. "Leveraging our industry expertise, being responsive to our partner's needs in a credit program, and offering flexible financing solutions are what we do best. Delivering on our commitment to help Boscov's enhance its customer relationships is our top priority."
"After careful consideration of all possible options to add value to Boscov's credit program for our customers and stakeholders, the obvious choice was HSBC," said Dean Sheaffer, controller and senior vice president of credit and customer relationship management, Boscov's. "Taking the Boscov's program to the next level required that we find a partner with deep retail private label, operational, risk-management and marketing skills. HSBC is clearly the industry leader delivering this skill-set. We look forward to working with our new strategic partner to deepen our knowledge of our customer base and to develop initiatives to enhance the Boscov's credit program's value to our customers and our company."
Boscov's Department Stores is the largest full-line, family-owned independent department store in the country, operating 40 stores in Pennsylvania, New York, New Jersey, Delaware, Maryland and Virginia. The stores sell men's, women's, and children's apparel, shoes, and accessories; also jewelry, cosmetics, housewares, appliances, toys, and sporting goods. Some stores also feature Ritz Camera Centers, travel agencies, vision centers, hair salons, and restaurants. Boscov's was founded by Solomon Boscov in 1921. Today the company generates yearly sales revenue of about $1.1 billion. For more information, please visit www.boscovs.com.
About HSBC Retail Services
HSBC Retail Services is a leading issuer of private label (merchant branded) credit cards in the United States. This business provides flexible, customized credit card solutions for many of the world's premier retailers and manufacturers and has more than 60 active merchant relationships. For more information, visit www.hsbcretailservices.com.
About HSBC - North America
HSBC - North America comprises all of HSBC's U.S. and Canadian businesses, including the former Household International businesses. The company's businesses serve nearly 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.
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