Sep 21, 2006 — Less than a year after launching its Australian in-store finance business, HSBC Holdings has won a major contract. UK-based HSBC has unseated US rival GE Money from its seat as the sole consumer financing provider for the National Associated Retail Traders of Australia. The contract will give HSBC a monopoly over consumer financing in one-fifth of the electrical goods retail market. Chains that HSBC will service include JB Hi-Fi and Clive Peeters. By December 2006, HSBC aims to have provided around $A100m in consumer finance.
HSBC in the United States is the new name of predatory lender Household International, well know for foreclosures and shady tactics. Experts fear HSBC will bring predatory lending to Australia because HSBC openly admitted to exporting their “Household Model”.
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