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HSBC received a firm offer for its French units according to Bloomberg. 400 branches only gave HSBC 20 percent of pre-tax profits so they are being sold for 2.1 billion euros, which is $3.2 billion (USD). Apparently the Household International deal has gone sour in the United States as well.
HSCB plans to earn 60 percent of pretax profit from emerging markets, up from about 50 percent in the first half of 2007. In the U.S., it has cut lending, closed mortgage units and changed management to curtail bad debts from consumers with subprime credit scores. HSBC may need to add $13 billion to provisions, Goldman Sachs Group Inc. analysts wrote last month.
This article, HSBC receives offer for French units, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
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