04:17 AM EST, 11/29/2024 (MT Newswires) -- HSBC ( HSBC ) is retreating from its credit card business in China, ending new card issuance and planning to wind down most operations, Reuters reported Friday, citing unnamed sources with knowledge of the matter.

The move comes after the company struggled to expand and achieve profitability in the Chinese market and amid its failed attempt to sell the business, the report said.

A source said the bank's stand-alone credit card clients will not be able to have their cards renewed once they expire. Other sources said the bank may retain services for certain "high-end" clients, Reuters reported.

In an email to MT Newswires, a company spokesperson said it has nothing to add to a response the company made to Reuters.

"As part of our Premier and Global Private Banking services in mainland China, we continue to offer credit card services focused on international travel and lifestyle features, a company spokesperson told Reuters.

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