UK banking group HSBC says it has sold its Marbles and Beneficial credit card businesses to SAV Credit for £385 million.
It was reported last week that HSBC was looking to sell off its online credit card business Marbles, which it acquired when it bought out Household International (now known as HFC Bank) in 2003.
Marbles, which launched in 1999, was one of the first UK online credit cards. However it is thought that the unit has been closed to new business since April due intense competition in the online credit card market.
HSBC's Beneficial branded credit card was also operated by HFC Bank. Beneficial operates over 100 affinity partnerships with organisations such as charities, sporting clubs, commercial companies, professional bodies and unions.
HSBC says the two portfolios, which consist of 338,000 accounts, were not a core part of its strategy to grow its card business in the UK. The units have now been sold to SAV Credit, which provides services to consumers that are unable to get cards from the mainstream lenders.