New HSBC Award Without Merit

HSBC Group is the overall winner of the first edition of the UK’s Financial Times Sustainable Banking Awards. The award, recognising the bank’s leadership in integrating social, environmental and business objectives in to its operations, saw HSBC coming out top from a total of 49 financial services companies. Sustainable banking means meeting the needs of the present without compromising the wellbeing of future generations. This means that we take account of how our business affects society and the planet when making our commercial decisions.

In the United States consumer watchdog organization Household – HSBC Watch is angered. “We still receive daily reports from HSBC customers, many of whom report duplicity and questionable practices” the group said. “Whenever a bank like HSBC practices predatory lending it has a negative impact and ripple effect throughout home, family, and community. It can effect security clearances, the military, job stability and definitely effects one’s credit score for many years.” HSBC owns predatory lender Household International, while many say HSBC changed little unless forced to do so under conditions of the nation’s largest predatory lending settlement.

“While HSBC says ‘this means that we (HSBC) take account of how our business affects society and the planet when making our commercial decisions’ they don’t mean what they say or practice what they preach” said Household – HSBC Watch. “This award is another self-serving piece of propoganda which is without merit.”