HSBC Card Retail Services Renews Private Label Credit Card Agreements With Saks Incorporated and Three Other Top Companies

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 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.