WASHINGTON — The Office of the Comptroller of the Currency has approved Capital One Financial Corp.'s acquisition of HSBC Bank USA's credit card portfolio.

In a letter to a Capital One attorney, the OCC said the deal would not significantly lower the number of competitors offering credit cards, nor would it result in a reduction in products or services to the general public.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.