Household HSBC Watch

GE Consumer Finance (GECF) has completed a succession of deals in the cards arena, agreeing last month (December 2004) to buy the assets of private-label credit card issuing bank Dillard National Bank for $1.25 billion and the retail card receivables of US retailer Target Corporation’s Mervyn’s business unit for $475 million, and entering talks to create a business alliance with Hyundai Card, the credit cards company affiliate of Hyundai Motor Co.

Watchdog organization Household - HSBC Watch stated they are concerned about failure to properly transfer GECF accounts to HSBC , as stated by a large number of consumers on the organization’s website. The HSBC division effected is HSBC Finance Corporation, which is the new name of former troubled predatory lender Household International and Household Retail Services.