HSBC North America makes more changes
Subject to regulatory approval, HSBC Bank Canada announced Monday a plan to create a unified corporate structure by buying HSBC Financial Corporation Ltd. from a U.S. affiliate by year-end in an internal transaction following a review of North American operations. All of the financial guarantees between HSBC Finance Corp. and HSBC Financial Corp. Ltd. will remain in place for all debt issued by HSBC Financial Corp. Ltd. prior to closing, the companies said in a news release.
Today HSBC also said they would exit the auto financing market in the United States. Some analysts believe HSBC’s structure of holding companies, hidden holding companies, and holding companies within holding companies are meant to twart regulators and investigations. There is a shift in HSBC North America operations. We will wait to see what happens next.
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