Reuters is reporting that Household Finance Corp’s liabilities stood at about $70 billion, Chief Executive Michael Geoghegan said in Hong Kong on Monday ahead of the bank’s annual shareholders’ meeting in London on May 28.
AS a reply to many of you who asked about HSBC AUto loans, we want to clarify this point. On 10 November 2009, HSBC Finance Corporation announced its auto finance entities had reached an agreement with Santander Consumer USA Inc. (SC USA) to sell HSBC US auto loan servicing operations as well as US $1 billion in auto loan receivables for US $904 million in cash, and enter into a loan servicing agreement for the remainder of its US auto loan portfolio, which is in liquidation.
HSBC Bank USA, N.A. today confirmed the appointment of seven experienced bankers to reinforce its expanding Premier business in Washington D.C. Clearly this is a step HSBC can take with or without Household International and HSBC Finance. HSBC’s premium international financial management service is tailored to individual needs while providing globally minded customers with access to cross-border banking solutions in over 40 countries and territories.
HSBC has caused or seen the end of many eras. Some were intentional and some were not. HSBC caused the end of predatory lender Household International when HSBC bought the company. HSBC saw the end of HSBC Finance, formerly Household International. Now HSBC may have caused the end of Swiss bank privacy.
The New Zealand Commerce Commission has warned state-owned lender Kiwibank and HSBC over the fees they charge customers for repaying mortgages early. The regulator completed an investigation into the fees after “a range of complaints from bank customers” following sharp declines in interest rates in late 2008 and early 2009.