Household HSBC Watch

June 28 (Bloomberg) — An employee of HSBC Holdings Plc’s Indian unit was arrested in Bangalore and accused of helping a group illegally withdraw 233,000 pounds ($424,747) from bank customers’ accounts, according to a police official. Nadeem Kashmiri, a 24-year-old employee of HSBC Electronic Data Processing (India) Private Ltd., was charged with hacking […]

HSBC Bank Malaysia Bhd is confident of emerging as one of the country’s top two banks with the highest number of credit cards in circulation when it reaches its one millionth card in the next two months.

It currently ranks third, behind rivals Citibank Bhd and Malayan Banking Bhd, with more than 970,000 credit cards in […]

London-based HSBC bank noted that success in 2005 was attributable to the escalating growth in the emerging credit card markets including India, Indonesia, Malaysia and the Philippines. It stated that over 2005 credit card spending in the Philippines grew at 82% while in India it grew by 62%. In terms of credit card receivables, the […]

Stephen Green, Group Chief Executive, HSBC Holdings plc, said: “HSBC’s Future of Retirement: What the world wants research shows that individuals increasingly expect to bear their own costs in later life, but governments and business must understand their role in continuing to support individuals. They cannot afford to shy away from the enormous challenges and […]

KUALA LUMPUR: HSBC Bank (M) Bhd aims to have one million of its credit cards in circulation in Malaysia by the year’s end. Currently, it has more than 950,000 credit cards in circulation. The bank’s head of cards, Linda Yip, said the new campaign would offer promotions and discounts, and a contest for users. […]

Binding arbitration is one thing, but oppressive binding arbitration is quite another. One would expect oppressive action from the nation’s biggest predatory lender - Household International - and now HSBC. Note the ‘no class action’ clause! Here is the state court and supreme court opinion, summarized for clarity:

The facts of Mandel and […]

In retrospect those who settled with Household International on charges of predatory lending would have done it differently. No doubt exists that Household’s predatory lending settlement was a guideline for the Ameriquest settlement. Both were accused of predatory lending. Both were involved with people’s real estate loans, either as primary predators or […]

In the ‘You should know’ category: HSBC expanded in the U.S. with the $15.5 billion purchase in 2003 of Household International Inc., a lender to people denied credit by other banks. “HSBC timed the acquisition of Household very well both in terms of the price it paid and in terms of […]

Predatory lenders and Chairman beware. The High Court in London today dismissed an appeal by three British bankers against extradition to the United States on charges relating to the 2001 collapse of Enron.

In a landmark judgement, David Bermingham, Gary Mulgrew and Giles Darby, all former investment specialists for NatWest, failed to overturn the extradition order […]

Union leaders yesterday called for a tightening of a publicly funded scheme intended to lure jobs to Scotland after a £1m grant was awarded to the richest bank in UK history. HSBC, which makes £1m profit every hour ($1,740,249 USD), will receive the regional selective assistance (RSA) grant from the Scottish Executive in return […]