HSBC Finance Corporation Completes Acquisition of Metris

HSBC Finance Corporation, the consumer finance arm of one of the world’s largest financial services companies, today announced the closing of its acquisition of Metris Companies Inc.

The total consideration paid by HSBC to Metris shareholders in the transaction was approximately $1.6 billion in cash. Under terms of the agreement, each holder of Metris common stock has received $15 a share.

“We believe that the acquisition of Metris deepens HSBC’s already strong ability to serve the full spectrum of credit card customers,” said Bobby Mehta, chairman and CEO of HSBC Finance Corp.

Metris’ shareholders voted to approve the proposed acquisition on Nov. 30, 2005 at a special shareholders meeting.

HSBC Finance, headquartered in Prospect Heights, Illinois, through its subsidiaries and affiliates, is the sixth largest issuer of MasterCard and Visa cards in the U.S. Metris, with headquarters in Minnetonka, Minnesota and offices in five states is the 11th largest issuer of MasterCard and Visa cards in the U.S.