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.
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Credit Mutuel seems to be the most likely candidate to buy more than half the French operations of HSBC while HSBC says it will focus on emerging markets. HSBC also declined to comment on reports that the bank was selling its French operations. The most efficient way to impliment HSBC’s “Household Model” is to do so in developing nations and emerging markets. The model is based on, and named after predatory lender Household International. HSBC purchased Household in 2003.
Category: 2007 HSBC
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HSBC sparked fears of identity theft with a direct marketing campaign that featured a fake till receipt for a bill of almost £3,000, but has escaped censure from the advertising watchdog.
Category: 2007 HSBC
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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.
Category: 2007 HSBC
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HSBC shares dropped in Hong Kong after word that HSBC is considering the sale of 300 to 400 French regional branches. Similar to HSBC’s purchase of Household International in 2003, HSBC acquired the French retail network when it bought out CCF for $12.5 billion in 2000. Activist investor Knight-Vinke said HSBC lacked focus, while many consider the French sale somewhat of an appeasement to Knight-Vinke and other investors. Appeasement is defined as “a policy of accepting the imposed conditions of an aggressor in lieu of armed resistance, usually at the sacrifice of principles.” Thus I use the word here, although you can decide what principles are being sacrificed.
Category: 2007 HSBC
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