Household HSBC Watch

Tue May 17, 2005 - Global bank HSBC Holdings said on Tuesday it was in talks to buy a majority stake in Dar Es Salaam Investment Bank of Iraq as part of a plan to expand in the country as it rebuilds after war. The now disbanded U.S.-led occupation authority gave HSBC, Standard Chartered and the National Bank of Kuwait permission last year to set up in Iraq but continuing violence in the country has set back plans to open branches.

“While US regulators and authorities received complaints about consumer abuses nationwide by HSBC Holdings and Household International, HSBC was given permission to expand in Iraq” said consumer advocacy organization Household - HSBC Watch. Reports from all over the country went to the OCC, FBI, Federal Reserve, FTC, FDIC, Attorney’s General from almost every state, and local oversite organizations. “The decision reflects a serious breach of trust and lack of communication. Some say the bank is innocent until proven guilty, but court records show they were guilty in some cases and settled others without admitting responsibility” the group went on to say. Other investigations continue. Most problems stem from disgraced predatory lender Household International, now part of HSBC Holdings.