Business Standard says there is an “inevitable eastward shift in HSBC’s business. The bank has already issued a renminbi-denominated bond, and has applied for a listing in Shanghai in an attempt to appear more local. As income, assets and the investor base become more Asian, more of the senior team will be packing their trunks.”
Here in the United States let’s not forget that HSBC wants to expand. They also hope most Americans will not do any research. HSBC wants you to forget that HSBC bought Household International, one of only two lenders charged nationwide with predatory lending.
HSBC wants you to forget the bank’s role in the subprime disaster. Forget that HSBC owns HFC and Beneficial Finance.
Forget the fact that HSBC was in the top ten subprime lenders before the destruction of the US economy, and please forget that HSBC did the same thing in the UK.
Please don’t learn that HSBC is the Hong Kong Shanghai Bank Corp. Although headquartered in London, HSBC is relocating its chief executive to Hong Kong.
Please do not look at the imbalance of trade between the US and China, nor the amount of the United States already owned by China.
As recently as April 2009 HSBC opened the doors to its first full service retail-focused branch in Washington State. HSBC also opened branches near the nation’s capitol, presumably so lawmakers can see how great HSBC is. Lawmakers who think they are “international players” on the world economic stage may like the idea of HSBC.
Failing in that, lawmakers might try making some laws to regulate and protect Americans. These are the same Americans HSBC is running from while pretending to like them. Many of the same Americans are now experiencing a slow-down of huge proportions.
These are the same Americans that experienced a sudden lack of credit, increases in interest rates, and smaller lines of credit.
These are the same Americans who were duped by HSBC retailers, shunned by HSBC customer service. While reducing credit limits, often to $5 above one’s balance due, this is the same HSBC that therefore embarassed credit card holders and stranded business owners.
If you do a simple Google search and some research it is easy to see that HSBC is finished with the United States. Unless you have a Best Buy credit card, or other store card backed by HSBC, there is little HSBC can do to hurt Americans. That is, until HSBC gets a strangle-hold on China.
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