NEW YORK (Reuters) - The chief of HSBC Holdings’s U.S. retail banking unit said on Monday he would prefer to expand existing businesses, including branches, rather than pay elevated market prices to grow by acquisition.
Martin Glynn, who runs HSBC Bank USA, also said his unit is faring about as well as big U.S. banks in combating the difficult U.S. interest rate environment. The world’s third-biggest bank by assets has avoided major U.S. bank purchases in recent years, unlike such big rivals as Bank of America , JPMorgan Chase & Co. and Wachovia.
HSBC bought consumer finance company Household International Inc in 2003 and in 2005 it bought credit card issuer Metris Cos. for $1.59 billion. HSBC is not faring well in combating bad publicity from consumer watchdog organization Household - HSBC Watch and others. “As HSBC tries to expand in the U.S. we mounted a full blown informational campaign about HSBC credit card questionable tactics, shady lending, tax loans, foreclosures and many other issues HSBC wants to keep secret” said a member of Household - HSBC Watch.
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