Household HSBC Watch

HSBC is in a push to grow its lending to middle-market businesses nationwide by targeting firms that need its international capabilities. Whether these firms (businesses) need HSBC services remains to be seen. We are certain HSBC will then push the businesses for HSBC credit card processing and HSBC merchant - private label - credit cards. The goal is to build scale and broaden its reach by appealing to companies that are increasingly doing more of their business abroad, and need a bank with global access. In its newest markets, the bank is targeting companies with sales between $250 million and about $5 billion, though it helps smaller companies in older markets. Now see who HSBC is targeting with this ‘brilliant’ idea:

According to the Buffalo News: “In particular, the bank is eyeing customers in areas with large Hispanic or Asian communities, tapping the brand recognition it enjoys because of its extensive operations in Latin America and Asia.”

Apparently HSBC already tried out white and black Americans on subprime, but that did not work. Now HSBC wants Hispanic and Asians. The crossroads will be in the Hispanic community where many Hispanics claim they were victims of subprime predatory mortgages and associated home loans.