HSBC Exports Predatory Lending Model
“We are in the process of rolling out what we call the Household Model based on sophisticated data-intensive analysis that is rapidly scalable, offering customised solutions. Using a common technology platform that is tailored to local requirements, various financial solutions are provided” said Niall Booker of HSBC. The Chief Executive Officer of HSBC, Niall Booker, said a bank typically leverages the potential of an economy in which it operates. Therefore, for HSBC, the challenge is to select better performing economies.
Don’t let the name fool you say consumer advocates at HSBC Watch. “The Household Model is based on US predatory lender Household International, now owned by HSBC” the group surmised. HSBC Group, the financial and banking services provider, sees about 50 per cent of its global business coming from developing countries, wherein India, Mexico, China and Brazil are targets vulnerable to the Household Predatory Lending Model .
“We, and other consumer groups, opposed the exportation of predatory lending when HSBC initially proposed to buy Household International” said HSBC Watch.
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Be advised that HSBC Finance Corporation and Metris Companies Inc. have entered into a definitive agreement for HSBC Finance to acquire Metris in an all-cash transaction which values Metris at US$1.594 billion. Upon completion, Metris will become a wholly-owned subsidiary of HSBC Finance. Metris is based in Minnetonka, MN, and is a large bankcard issuer that was spun off from Fingerhut in 1994 and became a public company in 1996. Metris issues credit cards through Direct Merchants Credit Card Bank, N.A., a wholly-owned subsidiary headquartered in Phoenix, AZ. The Board of Directors of Metris has unanimously approved the transaction, as has the Board of Directors for HSBC Finance. The transaction is scheduled to close on December 9, 2005.
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