Household HSBC Watch

The economy is booming in Peru and HSBC is knocking at the door. HSBC plans to have 28 offices open in Peru by the end of this year, HSBC’s chief executive Michael Geoghegan told newspaper El Comercio. “This year we will end with 28 offices, and each year we will open 15 more from 2009,” he said. “We don’t rule out that further ahead we could consider some process of buying a financial institution, but for now we are focused on moving forward with our own resources,” he was quoted as saying.

As long as HSBC doesn’t get too cocky, and they do not purchase a predatory lender like Household International, HSBC will be welcome in Peru for now. Since the United States subprime disaster more developing nations will take a good look at abuses, lawsuits, and conflicts with regulators. To do so will prevent disasters that negatively effect a country’s economy.