Household HSBC Watch

there was no warning and HSBC will contact existing customers. This is just in, thanks to a report that called our attention to the matter. “HFC Bank Ltd has closed its operation to new customers in the Republic of Ireland with effect from August 28th 2008. Existing customers can contact Customer Services on […]

Bankruptcy laws were changed and strengthened in 2005. Then greedy banksters, mortgage brokers, and lending companies felt safe. They could do whatever they wanted to do, since it was harder to declare bankruptcy. Nationally, the total number of bankruptcies filed in the first half of 2008, however, rose 29.2 percent, to 522,205, […]

This is a perfect example of HSBC’s exportation of the Household International model of doing business. Credit card interest rates have been increased to as high as 50 percent in India. While proud of making a profit in developing nations HSBC is not alone. ICIC, Deutsche Bank, SBI and HSBC have either […]

Analysts at Household - HSBC Watch predicted credit card problems at HSBC Finance. Today Moody’s announced what we suspected. HSBC Finance, formerly Household International, is now having problems with credit card defaults. Moody’s Investors Service on Tuesday changed its outlook on HSBC Bank USA, part of HSBC Holdings Plc, to negative […]

According to an article in the Huffington Post written by Steve Goldstein HSBC said it’s taking a $3.4 billion loan-impairment charge in its U.S. consumer finance business during the third quarter, which it said was $1.4 billion higher than would have been implied by extrapolating first-half trends. Of this increment, about $700 million of […]

This may also be part of HSBC’s repositioning, or perhaps a move to make Knight Vinke happy. Other analysts thought HSBC would keep their credit card operations while getting rid of predatory and subprime lending. Such lending is often equated with Household International, now called HSBC Finance Corp. An earlier press release […]

The Guardian reported on Sunday, one day before HSBC is due to release half-year results , that HSBC’s unsecured portfolio is experiencing bad debt. Analysts imply that subprime mortgage blues have spread to other parts of HSBC. Antony Broadbent, banking analyst at Sanford Bernstein, expects the bank to warn that there has been […]

Look for signs of consolidation and streamlining as HSBC possibly looks to clean up their United States image by unloading predatory lender Household International, now called HSBC Finance Corporation. The North American division accounted for almost two-thirds of HSBC’s $10.6 billion in loan-loss provisions for 2006. HSBC earned $4.7 billion before tax in North America […]

HSBC Retail Services said it has bought a credit receivables portfolio worth around 40 mln usd from Musician’s Friend, the musical instruments direct retailer.

Retail Services, an HSBC Holdings unit which issues branded credit cards in the US, took on the debt portfolio under a five-year agreement which saw it paying a premium of around […]

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. […]