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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HSBC presence in Iraq costs U.S. military

While HSBC continues to abuse the U.S. military, that same military has helped HSBC in Iraq. HSBC sees bigger things to come in Iraq, home to the world’s third-largest oil reserves and desperate to rebuild after years of war.

“You have a country with an infrastructure largely in tatters, and tremendous potential in oil and gas,” HSBC Bank Middle East Ltd chairman Youssef Nasr told Reuters by telephone from Dubai.

Through its 70 percent stake in Dar es Salaam Bank, which has a capital of 50 billion Iraqi dinars ($43 million), HSBC is one of the few foreign lenders with a presence in the country and is considering expanding along oil export routes.

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off