Read the last paragraph of this press release. As you read this article remember that HSBC North America Holdings is, in part, former predatory lender Household International sporting a new name.
PROSPECT HEIGHTS, Ill. and NEW YORK, Dec. 23 /PRNewswire-FirstCall/ — HSBC — North America Holdings, Inc. and American Express today announced an agreement for HSBC to offer American Express-branded credit cards in the United States.
Under the terms of the agreement, HSBC will issue the cards, manage customer relationships and be responsible for all marketing, billing, charge authorizations and credit management. American Express will process transactions through its merchant network and the cards will be welcomed at millions of locations worldwide. HSBC expects to begin issuing cards in mid-2006. Financial terms of the agreement were not disclosed.
HSBC is one of the world’s largest card issuers. The partnership with American Express will allow HSBC to expand its product range and offer broader choice, value and convenience to customers and prospects.
“HSBC is pleased to embark on a key partnership with American Express,” said Walter Menezes, group executive-HSBC Card Services. “The addition of the American Express card to the existing HSBC product offerings will provide consumers with a broader scope of quality services.”
“We are delighted to enter into this agreement with a world-class organization like HSBC,” said Barry Rodrigues, executive vice president of American Express’ Global Network Services. “We look forward to working closely with our newest partner to provide a compelling new line of premium products.”
Separately, American Express announced that it will dismiss HSBC from its antitrust litigation against Visa, MasterCard and a number of major U.S. banks.
- end of press release -
Consumer advocates at Household - HSBC Watch said questionable billing practices and high fees can still be found at HSBC’s Household International. “Even if you call them HSBC Finance Corporation they are the same supervisors in the same facilities that made Household famous for abuse and predatory lending” said the group.
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