HSBC has sold part of its UK credit card book including Marbles, the online credit card business, for £385m. The bank has sold 338,000 credit card accounts branded as Marbles and Beneficial to SAV Credit, a specialist lender founded in 2002 by Palamon Capital Partners, the private equity group. HSBC said it was selling the credit card portfolio because it was non-core and it has developed its own branded credit card business in recent years.
