According to MSN Money, the IRS launched a major crackdown on credit cards issued by banks such as Swiss American Bank, Royal Bank of Canada and HSBC Bank International with operations in places such as the Bahamas and the Cayman Islands. The General Accounting Office estimates that 1 million to 2 million Americans have offshore credit-card accounts in tax-haven countries, and fraudulent activities cost the Treasury $20 billion to $40 billion a year. Only an estimated 170,000 of these people state on their federal income tax returns that they have such offshore accounts. The accounts are legal so long as income generated to the accounts is reported and taxes paid. Failure to disclose the income is a felony punishable by up to five years in prison.
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Popularity: 16% [?]
April 18 (Bloomberg) – HSBC, Europe’s biggest bank by market value, has slipped 7.6 percent from a 2005 high in February. The bank on Feb. 28 reported the slowest profit growth in 2 1/2 years as earnings from U.S. consumer lending declined.
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Popularity: 3% [?]
Fri Apr 15, 2005 1:21 PM BST, LONDON (Reuters) – Banks such as HSBC, Royal Bank of Scotland and Barclays are likely to express interest in buying Morgan Stanley’s Discover credit card unit, banking sources said pm Friday. Morgan Stanley said last week it planned to spin off Discover by giving its investors shares in the seventh-biggest U.S. card issuer, which analysts have valued at more than $10 billion (5.3 billion pounds). Britain’s three biggest banks have all bought U.S. credit card businesses in the past two years and are looking to expand in the world’s biggest market for plastic purchases.
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Popularity: 4% [?]
VANCOUVER, April 1 /CNW/ – Household Financial Corporation Limited, a leader in the Canadian consumer and retail finance industry, has changed its name to HSBC Financial Corporation Limited, effective today. The re-branding of Household Financial Corporation Limited completes the integration process that began when HSBC Holdings plc acquired Household International, Inc. (now named HSBC Finance Corporation), parent company of Household Financial Corporation Limited, in March 2003. Pat Burke, president and chief executive officer of HSBC Financial Corporation Limited, said: “HSBC is one of the most respected brands in the financial services industry. By adopting the HSBC brand, we will be able to deepen our relationship with our customers and provide even better service by offering access to a broader range of products and services through the other members of the HSBC Group in Canada.”
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Popularity: 10% [?]
Thailand, April 2005: HSBC expects to increase its credit card base by 40% to 450,000 by the end of the year, outpacing the projected 15% growth rate for the overall industry. Norman Cockerell, head of personal finance services, said credit cards would be the bank’s focus for expanding its personal banking presence in Thailand.
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Popularity: 3% [?]
