The Neiman Marcus Group Inc. will sell its private label credit card accounts to HSBC Retail Services for about $640 million.
Dallas-based Neiman will continue to handle new account processing, transaction authorization, billing adjustments, collection services and customer inquiries.
“We are very excited about our new partnership with HSBC which will provide us with additional operational and marketing capabilities to support our continued growth,” said Burt Tansky, Neiman CEO, in a statement.
This transaction is expected to close by July 31.
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