Household HSBC Watch

HSBC Bank – the UK arm of the banking giant – will have a new chairman at the end of this year when Stephen Green succeeds Sir John Bond. Mr Green is currently chief executive of parent company HSBC Holdings and Sir John will retain his role as group chairman of that company.

Earlier in the month Household - HSBC Watch wrote that continuing troubles with predatory lender Household International, now known as HSBC Finance Corporation, were perhaps unfair to Bond as people are remembered for global problems that impact reputation. Under Bond’s leadership HSBC purchased the troubled predatory lender in 2002. The company is still under scrutiny and continues to get sued. Recently the company settled charges of applying payments after the due date, which cost shareholders another US$11 million.