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On August 4 2005, according to Bloomberg: “HSBC, the largest bank in Britain, said loan impairments rose by 20 percent in the first half. Lloyds TSB, the U.K.’s No. 5 lender, said provisions for doubtful loans jumped 52 percent. Both companies reported a 9 percent increase in profit during the period. HBOS Plc, the country’s fourth-largest bank, yesterday said profit rose 11 percent and loan impairments increased 25 percent.”
“The bank (HSBC) should have plenty of experience with loan impairments since they purchased Household International in 2003. Now called HSBC Finance, Household International hasn’t changed much and they make every effort to impair their credit card customers with illegal late fees, questionable billing and late application of payments. This has been going on since 1994″ said consumer advocates at Household – HSBC Watch.
This article, HSBC Loan Impairments – Impairing Customers, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
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