HSBC Acquires Boscov's Department Store Credit Card Portfolio

HSBC – North America’s retail services business announced today that it has entered into a strategic alliance to acquire the credit receivables and to manage the ongoing credit program of Boscov’s Department Stores, the largest full-line, family-owned independent department store chain in the United States.

By partnering with HSBC as a third-party service provider, Boscov’s customers will continue to enjoy all of the benefits of their existing card program, including a points-based rewards program, where customers can earn up to four points for every dollar charged on their Boscov’s private label card. In addition, Boscov’s will be able to leverage HSBC’s expertise in credit, marketing analytics and customer loyalty to acquire new customers and build market share as Boscov’s continues to grow its business.

“We are excited about our new partnership with Boscov’s and are committed to providing additional value to their existing credit program over the course of our relationship,” said Joseph Hoff, chief executive officer, HSBC Retail Services. “Leveraging our industry expertise, being responsive to our partner’s needs in a credit program, and offering flexible financing solutions are what we do best. Delivering on our commitment to help Boscov’s enhance its customer relationships is our top priority.”

“After careful consideration of all possible options to add value to Boscov’s credit program for our customers and stakeholders, the obvious choice was HSBC,” said Dean Sheaffer, controller and senior vice president of credit and customer relationship management, Boscov’s. “Taking the Boscov’s program to the next level required that we find a partner with deep retail private label, operational, risk-management and marketing skills. HSBC is clearly the industry leader delivering this skill-set. We look forward to working with our new strategic partner to deepen our knowledge of our customer base and to develop initiatives to enhance the Boscov’s credit program’s value to our customers and our company.”