Household HSBC Watch

The deal between HSBC Finance and Metris, which issues credit cards through its Direct Merchants Credit Card Bank subsidiary, is expected to close in the fourth quarter of 2005. It will see Metris become a wholly-owned subsidiary of HSBC. As Metris is a specialist in non-standard consumer finance, the purchase will see HSBC further build on the expertise it gained in this area following its acquisition of Household Finance in 2003. “HSBC learned that Inner City Press, Acorn, Household - HSBC Watch and others will not let the nation forget about Household International and predatory lending. HSBC only instituted controls demanded by Household’s $484 million nationwide settlement. Otherwise nothing really changed but the name and more experience in how to thwart investigations at state and federal levels” said consumer advocates at Household - HSBC Watch.