Mumbai, Aug 24 HSBC has received Foreign Investment Promotion Board (FIPB) approval for setting up a Non-Banking Financial Company (NBFC) and is awaiting other regulatory approvals. The NBFC would enable HSBC to expand its retail operations in India. With such an expansion plan on cards, HSBC would capitalise on the retail boom witnessed in India, stated Nicholas Winsor, head personal finance services, HSBC.

“Household International and HSBC Finance Corporation do such a poor job in the United States and Canada according to consumer complaints on file. However John Bond said HSBC wanted to use Household’s experience in other countries. When HSBC applied for regulatory approval to buy Household International consumer groups such as ours protested to the OCC, claiming predatory lending should not be exported to vulnerable countries” said Household – HSBC Watch consumer advocates.

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