HSBC is pulling back from its credit card business in China eight years after its launch, as the lender struggled to expand and make the enterprise profitable in the world's second-largest economy, sources with knowledge of the matter said.

HSBC Holdings Plc is pulling back from its credit card business in China, Reuters reported, citing unidentified sources.

China is a relatively small market for HSBC’s credit card business. The gross carrying amount in this segment was just US$287 million, or about 1% of the global total last year.

HSBC has stopped issuing new cards and is working towards winding down the service offered to a large part of China onshore customers