How long before HSBC employs a cohort of burly bailiffs to chase up debtors? Bad loans hang around the neck of the world’s third-largest bank like an albatross. Most of it comes from former predatory lender Household International which is still in business as HSBC Finance Corporation. And HSBC is buying more higher risk loans. What are they up to? Where is the logic at HSBC USA, HSBC FInance Corporation, and in London?
Popularity: 18% [?]
NetSurf users are reeling from HSBC’s shock decision to suspend their accounts because their RISC OS computers are allegedly infected with spyware. The high street bank has confused the open source browser NetSurf with a strain of PC malware going by the same name, and has locked their customers out for security reasons, it is believed.
Popularity: 9% [?]
HSBC, which derived about 80 percent of its pretax profit from outside the U.K. in the first half of this year, moved to London 13 years ago following its purchase of Midland Bank Plc, one of Britain’s top four banks at the time. The Bank of England ruled that HSBC would only be allowed to take over Midland if it transferred to London, the South China Morning Post reported at the time.
Popularity: 8% [?]
Over 420 votes are in and HSBC credit cards are ranked as poor or unprofessional by 80 percent of those who voted. See the survey here. However, Ken Harvey, HSBC’s chief information officer, told analysts at a presentation the bank would reap the rewards of its global scale as well as its investment in recent years. When talking about HSBC’s plans to use predatory lender Household International’s credit card model, Harvey estimated HSBC had saved $43 million annually, for example, by rolling out the Whirl credit card platform across almost 90 percent of the group. Whirl was developed by Household, the company bought by HSBC in 2003, where Harvey was chief information officer.
Popularity: 12% [?]
Sep 21, 2006 — Less than a year after launching its Australian in-store finance business, HSBC Holdings has won a major contract. UK-based HSBC has unseated US rival GE Money from its seat as the sole consumer financing provider for the National Associated Retail Traders of Australia. The contract will give HSBC a monopoly over consumer financing in one-fifth of the electrical goods retail market. Chains that HSBC will service include JB Hi-Fi and Clive Peeters. By December 2006, HSBC aims to have provided around $A100m in consumer finance.
Popularity: 9% [?]
Legal Info
Household HSBC Watch is a watchdog and consumer advocacy organization.
We monitor customer trends for possible violations of Regulation Z and other possible illegal actions.
We use your individual HSBC complaints and merchant complaint reports to perform trend analysis.
We are not associated with HSBC, Household International, or their merchants.
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