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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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Posts Tagged ‘ Household International ’

10 December
Posted in General News
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HSBC in Dubai is second HSBC disaster with international impact

HSBC’s position relative to Dubai World became more interesting as leaked documents surfaced today. Leaked documents indicated that Nakheel, Dubai World’s property division, which owns The Palm and The World developments, lost 13.4 billion dirhams (£2.2 billion) in the first half of the year. More information also became available. The [...]

30 November
Posted in Emerging Markets
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HSBC self interests will rescue Dubai

Our staff took some time off during the US Thanksgiving holiday. Financial markets in Dubai did not, leaving HSBC in a bad position. HSBC Holdings Plc and Standard Chartered Plc sank more than 7 percent in Hong Kong as CLSA Asia-Pacific Markets said Dubai World’s potential default has “negative implications” [...]

12 November
Posted in General News
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Farmer Mac invested in HSBC Finance subprime risk

The Federal Agricultural Mortgage Corporation, otherwise referred to as Farmer Mac, invested corporate funds in HSBC Finance. Farmer Mac President and Chief Executive Officer Michael Gerber had to know the following: • HSBC Finance lost approximately $40 billion since 2003 • HSBC shut down all HSBC Finance business except credit [...]

11 November
Posted in General News
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HSBC Finance post pre-tax loss

HSBC Finance posted a pretax loss of $2.7 billion, compared with a $300 million loss a year earlier. Still, that was down from a second-quarter loss of $6.9 billion, due in part to a charge in that quarter on the value of the unit’s own debt. After already taking more [...]

9 November
Posted in Emerging Markets
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Sukuk default and Islamic finance not perfect for HSBC

HSBC Holdings plc’s Saudi affiliate, booked $93.7 million in provisions for loan losses during the third quarter. “We may see some extra provisions in the fourth quarter but most banks will come clean by early 2010,” said Adnan Ahmed Yousef, president of Union of Arab Banks. Arab banks set aside [...]