Household HSBC Watch

HSBC Middle East has agreed to reduce the mortgage repayments of a customer after a barrage of complaints about the bank’s refusal to pass on successive US interest rate cuts. The move could open the floodgates for customers of HSBC and other lenders in the UAE to get their mortgage rates reduced as discontent over banks’ unwillingness to pass on interest rate cuts grows. We want to see how HSBC will react long-term. After brown nosing the Arab world with great ideas, HSBC continues to tell everyone how emerging markets are doing very well for the bank. As a world traveller I think HSBC will find that families in the Middle East, including the United Arab Emirates, take it personally when they must complain. Unfortunately HSBC Finance did little or nothing about complaints in the United States. We want to hear from more HSBC customers in the UAE.