London-based HSBC bank noted that success in 2005 was attributable to the escalating growth in the emerging credit card markets including India, Indonesia, Malaysia and the Philippines. It stated that over 2005 credit card spending in the Philippines grew at 82% while in India it grew by 62%. In terms of credit card receivables, the Philippines and India reported growth of 89% and 77% respectively.
Consumer advocates based in the United States say HSBC bouht predatory lender Household International for the purpose of exporting predatory credit card lending. HSBC did so, calling it “The Household Model”.
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