In the ‘You should know’ category: HSBC expanded in the U.S. with the $15.5 billion purchase in 2003 of Household International Inc., a lender to people denied credit by other banks. “HSBC timed the acquisition of Household very well both in terms of the price it paid and in terms of it fitting in as a catalyst for growth to the group,” said Sandy Chen, an analyst at Collins Stewart Ltd. in London, who rates the shares “buy.” “The old Household engine has been put into the HSBC distribution network worldwide.”
“Household International once was a reputable company and became a predatory lender under William Aldinger from about 1994 until it was purchased by HSBC. Aldinger drove the stock price down under charges of predatory lending, and then jumped ship to HSBC. Now the predatory model, not the once reputable company model, is exported worldwide by HSBC” said watchdog group Household - HSBC Watch.
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April 7, Hongkong and Shanghai Banking Corporation (HSBC) has launched a scheme under which Non-Resident Indians worldwide can transfer money free of cost to their accounts in India.
UK customers holding personal banking accounts with HSBC could activate the service by phone or internet and then transfer money in pounds sterling to HSBC accounts in India, the bank’s senior vice-president and NRI Services Head, Manasije Mishra said.
India, in many regards, is a developing country ready for exploitation from HFC, HSBC, and Household International.
I am in the process of filing a preditory lender complaint with the Department of Banking & Finance against HSBC Corp. They are the pits!