Household HSBC Watch

Thailand, April 2005: HSBC expects to increase its credit card base by 40% to 450,000 by the end of the year, outpacing the projected 15% growth rate for the overall industry. Norman Cockerell, head of personal finance services, said credit cards would be the bank’s focus for expanding its personal banking presence in Thailand.

US advocacy group Household - HSBC Watch says the move is encouraged by huge profits from HSBC’s Household International predatory credit card model. “High rates, huge fees, and telling customers they are at fault may soon be the norm in Thailand” said the group.