HSBC is expected this week to unveil plans to boost its presence on the Japanese market, including corporate lending and retail banking, the Times reported on Wednesday. Japan is the only major Asian financial centre where HSBC does not have a significant business presence.
According to consumer advocates in the United States HSBC exports predatory lending to developing nations while trying to expand in the United States. The group said HSBC must be careful in Japan, not regarded as a developing nation, modifying techniques used in other countries including America, for fear of angering conservative Japan. “Any Japanese man or woman that can use Google will distance themselves from HSBC” said the group.
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