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.
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Category: 2006 HSBC, HSBC Worldwide, In the U.K.
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Oct. 6 (Bloomberg) — HSBC Holdings Plc, Europe’s biggest bank by market value, said moving its headquarters away from the U.K. would save the lender about 400 million pounds ($750 million) a year.
Category: 2006 HSBC, In the U.K.
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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.
Category: 2006 HSBC, HSBC Worldwide, In the U.K., In the U.S.
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Stephen Prentice, vice president and distinguished analyst at Gartner, told vnunet.com that the existing financial services industry was unlikely to exist in 20 years’ time.
Category: 2006 HSBC, In the U.K.
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BROKEN PROMISE: HSBC has reneged on a a vow that its satandard variable rate would not go higher than 1% above base rate.
Category: 2006 HSBC, In the U.K.
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