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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’s refusal in Dubai

DUBAI – Dubai World’s creditors have rejected the idea of taking a “haircut” on $22 billion of debt with preliminary discussions shifting towards extending the maturity of existing loans and bonds, bankers familiar with the matter said.

A steering committee that represents about 90 creditors includes Standard Chartered PLC, Royal Bank of Scotland Group PLC, HSBC Holdings PLC and Lloyds Banking Group PLC.

In other articles of the day “We will not provide loans directly to projects where the borrower will not, or is not able to, comply with either the Equator Principles or our own internal sustainability risk policies, whichever carries the higher standard,” HSBC said in its website on sustainability.

HSBC also refused to budge when Lehman Brothers was in danger of collapse.

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