HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.

HSBC India has unveiled HSBC Privé, its first premium credit card designed with exclusive benefits for its private banking clients. The Global Private Banking business in India serves high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) who are professionals,

With a growing population of UHNWI and HNWI in India, HSBC Prive aims to cater to this elite group's appetite for luxurious experiences, seamless travel, and exceptional lifestyle privileges

Wealthy cardholders in India increased their credit card spending by 87% in 2023. HSBC India has unveiled its first premium credit card HSBC Privé, offered exclusively for its private banking clients in India.

China is a relatively small market for HSBC’s credit card business. The gross carrying amount in this segment was just US$287 million, or about 1% of the global total last year.

The launch is part of HSBC’s global initiative to expand its credit card offerings for private banking clients.

The bank has unveiled its first premium credit card, HSBC Prive, designed with privileges exclusively curated for its private banking clients