HSBC Acquires Neiman Marcus' Credit Card Portfolio for $640 Million

Share this article:
HSBC will purchase the private-label credit accounts and related assets of Neiman Marcus and Bergdorf Goodman for an estimated $640 million, HSBC Retail Services and The Neiman Marcus Group Inc. said yesterday.


The Neiman Marcus and Bergdorf Goodman portfolio includes 3 million accounts.


Neiman Marcus will continue to handle key customer service functions including new account processing, transaction authorization, billing adjustments, collection services and customer inquiries.


Under the long-term agreement, Neiman Marcus will receive payments related to credit sales generated under the new agreement and for certain marketing and servicing activities.


The transaction is to close by July 31, subject to customary regulatory review and closing conditions.


On May 2, The Neiman Marcus Group Inc., which owns Bergdorf Goodman, said it agreed to be sold to two private equity firms for about $5.1 billion.


Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters


Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Harvard Prof: Marketers Need to Step Up Their Predictive Abilities

Harvard Prof: Marketers Need to Step Up Their ...

Statistics expert Edo Airoldi says data must be paired with predictive analytics before marketers can truly forecast customer behavior.

The (Marketer's) TV Guide

The (Marketer's) TV Guide

Public broadcasting station WGBH in Boston cleans up its dirty data and boosts donations.

Acxiom Mobilizes and Socializes SMBs

Acxiom Mobilizes and Socializes SMBs

MyAcxiomPartner.com enables simple campaigns for social and mobile channels.

Copyright © 2014 Haymarket Media, Inc. All Rights Reserved
This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization.
Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions.