HSBC Canada’s year-end report did not remove the focus from a drop in fourth quarter profits. HSBC Bank Canada saw its fourth quarter profits drop 13.3 per cent, because of a $47 million writedown the Vancouver-based bank took on its non-bank asset-backed commercial paper. Initial reports touted full year performance which was actually up 6.6 per cent from $497 million to $530 million. Analysts question HSBC’s long term commitment to Canada after an announcement that HSBC may leave France in favor of developing nations and emerging markets.
HSBC runs Canadian and United States operations as HSBC North America. Leadership in that post has seen held by former executives of Household International, the troubled predatory lender purchased by HSBC in 2003. Household International holds the distinction of paying the largest predatory lending settlement ever seen in the United States, or the world for that matter.
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