Merger Update
On August 4, 2005, Metris Companies Inc. announced a definitive agreement for HSBC Finance Corporation to acquire Metris in an all-cash transaction. Metris will become a wholly owned subsidiary of HSBC Finance Corporation upon completion of the transaction. The acquisition is subject to certain conditions, including resolution of the potential civil injunctive action of the SEC against Metris that was disclosed by the Company on July 12, 2005, approval by the stockholders of Metris, and various regulatory consents. Metris and HSBC have made all regulatory filings required to date and continue to expect the merger will be completed in the fourth quarter.
Oct. 24 2005 — HSBC North America Holdings’ Business Solutions Group, the commercial arm of the company’s Retail Services business, announced today that it has entered into a strategic alliance to acquire the consumer and commercial credit receivables of OfficeMax(R), one of the leading office supply retailers in the United States. “Our ability to provide customized business payment solutions allows our clients to focus on building their business and sales, while offering their customers flexible credit options,” said Brian Zempel, managing director of HSBC business solutions. “Our number one goal is to build a best-in-class financing program with OfficeMax.”
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Thursday October 20, 2005 — The Guardian
The country’s biggest credit card companies are resisting demands by the Office of Fair Trading, the consumer watchdog, that they should cut default fees of up to £25 levied on customers who fail to pay their bills on time. Barclaycard, the country’s largest and oldest credit card company with nine million customers, and America’s MBNA are believed to be the most determined in their defence of the default charge, which City analysts believe could be worth as much as £1bn a year in income to the card companies.
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When considering recent issues with General Motors, identity theft and the GM credit card, combined with the high cost of fuel and slowdowns in the auto industry, one must ask if General Motors is considering the sale of General Motors Acceptance Corporation and GMAC’s residential mortgages. Intelligent minds conclude that GM would not turn to HSBC, a bank that had issues with the GM Card.
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CSR Wire - Corporate Social Responsibility Newswire Service - sounds good doesn’t it? And it is, said HSBC Watch consumer advocates, but the fox is in the hen house according to the group. Let’s examine this:
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