| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: BANKS |
HSBC acquires Musician's Friend credit card portfolio |
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Wed 14 Jun 2006
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LONDON (SHARECAST) - Banking giant HSBC has bought the credit card portfolio and will manage the credit card programme of musical instrument retailer Musician's Friend in a deal worth $40m.
The group’s HSBC Retail Services business, a unit of HSBC North America Holdings, acquired the credit receivables, and is managing the ongoing credit card programme, of the group along with those of its boutique brands, Musician.com and Giardinelli.
Musician's Friend, owned by Guitar Center, is one of the world's largest direct marketers of musical instruments and related equipment. It sells over 36,000 products via the web and mail order catalogues.
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