HSBC Acquires OfficeMax(R) Consumer and Commercial Credit Card Portfolios25 October 2005
HSBC North AmericaHoldings' Business Solutions Group, the commercial arm of the company's RetailServices business, announced today that it has entered into a strategicalliance to acquire the consumer and commercial credit receivables ofOfficeMax(R), one of the leading office supply retailers in the United States. "Our ability to provide customized business payment solutions allows ourclients to focus on building their business and sales, while offering theircustomers flexible credit options," said Brian Zempel, managing director ofHSBC business solutions. "Our number one goal is to build a best-in-classfinancing program with OfficeMax." HSBC Retail Services is a leading issuer of private label credit cards.HSBC's partnership with OfficeMax is one of the more than 60 active merchantrelationships. "We are excited to be able to provide our customers with world-classcredit products in partnership with HSBC," said Chris Duncan, director ofretail marketing for OfficeMax. "HSBC will help us continuously improve ourability to meet our customers' needs and ultimately help grow our business." About HSBC Retail Services HSBC Retail Services is a leading issuer of private label (merchantbranded) credit cards in the United States. This business provides flexible,customized credit card solutions for some of the world's premier retailers andmanufacturers and has more than 60 active merchant relationships, includingBest Buy, Levitz Furniture and Saks Fifth Avenue. For more information, visithttp://www.hsbcretailservices.com . HSBC North America Holdings, Inc. HSBC - North America comprises all of HSBC's U.S. and Canadian businesses,including the former Household International businesses. The company'sbusinesses serve more than 60 million customers in five key areas: personalfinancial services, consumer finance, commercial banking, private banking andcorporate, investment banking and markets. Financial products and services areoffered under the HSBC, HFC and Beneficial brands. For more information,visit: http://www.hsbcusa.com . OfficeMax is a leader in both business-to-business and retail officeproducts distribution. OfficeMax delivers an unparalleled customer experience-- in service, in product, in time savings, and in value -- through arelentless focus on its customers. The company provides office supplies andpaper, print and document services, technology products and solutions, andfurniture to large, medium and small businesses and consumers. OfficeMaxcustomers are served by approximately 40,000 associates through direct sales,catalogs, Internet and approximately 950 superstores. OfficeMax trades on theNew York Stock Exchange under the symbol OMX. More information can be found athttp://www.officemax.com/
Source: PR Newswire
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