HSBC is reportedly withdrawing from its credit card business in China. The bank has stopped issuing new cards and is scaling back services for the majority of its customers in the country.

According to sources familiar with the matter, HSBC previously attempted to sell its credit card operations but was unsuccessful. It now plans to wind down the business, though it may continue offering credit card services to a small group of high-end clients.

In a statement to the media, an HSBC spokesperson responded: "As part of our Premier and Global Private Banking services in mainland China, we will continue to provide credit card offerings focused on international travel and lifestyle."