HSBC to acquire Pakistani bank

The international bank, Hong Kong Shanghai Bank (HSBC), has decided to expand its operation in Pakistan and started negotiation to acquire Pakistani Prime Commercial Bank (PCB), a Pakistani newspaper reported on Friday. Negotiations have started between experts of HSBC and PCB’s high-level officials, and PCB has shown willingness to sell out its whole operations, the leading Pakistani newspaper DAWN quoting banking sources reported. HSBC has only four branches in Pakistan now, two in southern port city Karachi, one each in the capital of Islamabad and major eastern city Lahore, and its sudden interests in Pakistan have surprised financial analysts, DAWN said.

Analysts in the U.S. said HSBC is always looking for expansion of its “Household Model” of predatory lending, named after Household International. HSBC acquired Household International, one of the United States’ biggest predatory lenders, in 1993.