An HSBC customer in Tamil Nadu India said: “My HSBC Card no. is (redacted). HSBC has charged me Rs. 700 for Membership Fee and Rs. 300 for Add on Card Fee. The Representative have told me there are no charges for this classic card at the time of applying. But now they have charged what is this. I would’nt have applied for this card. if you people are making these nuisances, how the customers will rely upon the Bank. Look at it immediately.”
Editor’s Note: HSBC plans expansions in India and China. Chairman Stephen Green this week said Asia is one of HSBC’s biggest priorities as the lender tries to rebound from loan losses at its U.S. division. HSBC, established in 1865 in Hong Kong and Shanghai, plans to have 100 outlets at the end of this year in China and is preparing a stock offering in Shanghai after investing more than $5 billion in the nation over the past eight years.
With tactics like the one noted in the above complaint, HSBC stands to make millions if not billions. Is this predatory lending exported to India, a vaild mistake, or a test for HSBC? Time will tell.
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