Household HSBC Watch

On Friday November 30th, Pacific Business News was able to get some information from HSBC Finance regarding closings in Hawaii. Subprime lender Beneficial Hawaii will see its branch network shrink as parent company HSBC Holdings attempts to rein in U.S. lending losses. “We will be closing some offices in Hawaii, but we will maintain a presence in the state,” said Mike Trevino, spokesman for HSBC Finance Corp., an Illinois-based U.S. subprime lending unit of HSBC Holdings, Europe’s largest bank. “We’re in the process of communicating the branch closings and beginning that shutdown.”

HSBC announced in January that it would close 100 branches across the nation, then added an additional 260 branches to that list as it posted third-quarter losses of $1.3 billion. Other newspapers have yet to publish local news articles about closings in other states, and HSBC Finance has released no details about locations of branch closings.