HSBC Finance Corp. will acquire Metris Companies Inc. in an all-cash transaction valuing Metris at $1.594 billion. Metris will become a wholly owned subsidiary of HSBC Finance. The announcement was made yesterday.
HSBC Finance, Prospect Heights, IL, is the nation's sixth-largest issuer of MasterCard and Visa cards. Metris, based in Minnetonka, MN, and with offices in five states, is the 11th-largest issuer, with managed receivables of about $5.9 billion. Metris mainly serves the near-prime credit card market through direct mail and partnership affiliations.