Household HSBC Watch

VANCOUVER, April 1 /CNW/ - Household Financial Corporation Limited, a leader in the Canadian consumer and retail finance industry, has changed its name to HSBC Financial Corporation Limited, effective today. The re-branding of Household Financial Corporation Limited completes the integration process that began when HSBC Holdings plc acquired Household International, Inc. (now named HSBC Finance Corporation), parent company of Household Financial Corporation Limited, in March 2003. Pat Burke, president and chief executive officer of HSBC Financial Corporation Limited, said: “HSBC is one of the most respected brands in the financial services industry. By adopting the HSBC brand, we will be able to deepen our relationship with our customers and provide even better service by offering access to a broader range of products and services through the other members of the HSBC Group in Canada.”

“Most respected may soon change if HSBC plans to export Household International’s predatory lending model around the world” said US advocacy organization Household - HSBC Watch. “Brad Martin, CEO of Saks, was quoted as calling Household one of the most respected in the industry, but Martin had egg on his face soon after.”