HSBC Finance Corp is the new name for predatory lender Household International.
PROSPECT HEIGHTS, Ill.–(BUSINESS WIRE)–Dec. 1, 2005–HSBC Finance Corporation, (NYSE: HBC) the consumer finance arm of one of the world’s largest financial services companies, today announced the closing of its acquisition of Metris Companies Inc. (NYSE: MXT)
HSBC hasn’t released their numbers relative to their buyout of Metris but employees are asking how it will effect them. We are not sure. But Bank of America released their numbers. Let’s examine the Bank of America position relative to buying MBNA:
Credit card issuer Metris Cos. has said the U.S. Securities and Exchange Commission staff does not plan to recommend enforcement action against the company related to an investigation of its financial accounting dating to 2001. The SEC still must review the recommendation and make a final decision. The resolution of the investigation and possible charges is a condition of Minnetonka-based Metris’ pending merger with HSBC Finance Corp., which is slated to close Dec. 1, according to a proxy statement filed Tuesday with the SEC.
MINNETONKA, Minn. (AP) - Credit-card issuer Metris Cos., currently being bought by a unit of HSBC Holdings PLC., on Monday reported third-quarter profit fell 13 percent, on a revenue decline of 5.1 percent.
Merger Update
On August 4, 2005, Metris Companies Inc. announced a definitive agreement for HSBC Finance Corporation to acquire Metris in an all-cash transaction. Metris will become a wholly owned subsidiary of HSBC Finance Corporation upon completion of the transaction. The acquisition is subject to certain conditions, including resolution of the potential civil injunctive action of the SEC against Metris that was disclosed by the Company on July 12, 2005, approval by the stockholders of Metris, and various regulatory consents. Metris and HSBC have made all regulatory filings required to date and continue to expect the merger will be completed in the fourth quarter.
Legal Info
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