LONDON, Oct 30 (Reuters) - Europe's biggest bank HSBC Holdings (HSBA.L: Quote, Profile , Research) has sold its Marbles and Beneficial branded credit cards in Britain to specialist lender SAV Credit Ltd. for 385 million pounds ($796 million).
HSBC said on Tuesday the portfolios consist of 338,000 accounts and were not a core part of its strategy to grow its card business. The bank is one of Britain's biggest four card issuers, with over 10 million cards in issue using brands including HSBC and first direct.
HSBC acquired Marbles as part of its purchase of U.S. lender Household in 2003. Marbles closed to new credit card customers in April.
SAV was founded in 2001 as a provider of credit cards to consumers unable to get cards among mainstream lenders. It has opened more than 150,000 credit card accounts.
The Marbles deal will be funded by a new debt facility from Royal Bank of Scotland (RBS.L: Quote, Profile , Research) and by its existing private equity partners, including Palamon Capital, Electra Private Equity and Morgan Stanley Alternative Investment Partners.
