Capital One Financial Corp. has taken the second step that had seemed inevitable.

The McLean, Va., bank has agreed to buy the monoline U.S. credit card and private label credit card businesses of HSBC for $32.7 billion, according to press releases issued Wednesday by Capital One and HSBC. The purchase price represents a premium of $2.6 billion, or 8.75% premium of gross customer loan balances, the releases said.

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