HSBC Acquires OfficeMax(R) Consumer and Commercial Credit Card Portfolios

PROSPECT HEIGHTS, Ill., Oct. 24 /PRNewswire/ -- HSBC North America Holdings' Business Solutions Group, the commercial arm of the company's Retail Services business, announced today that it has entered into a strategic alliance to acquire the consumer and commercial credit receivables of OfficeMax(R), one of the leading office supply retailers in the United States.

"Our ability to provide customized business payment solutions allows our clients to focus on building their business and sales, while offering their customers flexible credit options," said Brian Zempel, managing director of HSBC business solutions. "Our number one goal is to build a best-in-class financing program with OfficeMax."

HSBC Retail Services is a leading issuer of private label credit cards. HSBC's partnership with OfficeMax is one of the more than 60 active merchant relationships.

"We are excited to be able to provide our customers with world-class credit products in partnership with HSBC," said Chris Duncan, director of retail marketing for OfficeMax. "HSBC will help us continuously improve our ability to meet our customers' needs and ultimately help grow our business."

About HSBC Retail Services

HSBC Retail Services is a leading issuer of private label (merchant branded) credit cards in the United States. This business provides flexible, customized credit card solutions for some of the world's premier retailers and manufacturers and has more than 60 active merchant relationships, including Best Buy, Levitz Furniture and Saks Fifth Avenue. For more information, visit http://www.hsbcretailservices.com/ .

HSBC North America Holdings, Inc.

HSBC - North America comprises all of HSBC's U.S. and Canadian businesses, including the former Household International businesses. The company's businesses serve more than 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate, investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit: http://www.hsbcusa.com/ .

OfficeMax

OfficeMax is a leader in both business-to-business and retail office products distribution. OfficeMax delivers an unparalleled customer experience -- in service, in product, in time savings, and in value -- through a relentless focus on its customers. The company provides office supplies and paper, print and document services, technology products and solutions, and furniture to large, medium and small businesses and consumers. OfficeMax customers are served by approximately 40,000 associates through direct sales, catalogs, Internet and approximately 950 superstores. OfficeMax trades on the New York Stock Exchange under the symbol OMX. More information can be found at http://www.officemax.com/