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At the annual meeting in London, chief executive Michael Geoghegan dismissed critics who continue to question HSBC’s $14.8bn (£7.5bn) purchase of US consumer credit firm Household International in 2003, which many believe has exposed the bank to too much risky lending.
“Some commentators have asked should you be in this business?’,” he told shareholders. “Well, let me give you some numbers. We paid $14.8bn and this business has generated profits for the group of over $9bn. In my book, this is good business for us.”
Watchdogs at Household – HSBC Watch claim some profits are from questionable or shady practices, while part of the $9bn to which Michael Geoghegan refers came from HSBC refinancing its own debt. “Michael Geoghegan needs to spend an hour reading the “Live Complaints” section of Household – HSBC Watch, after which he might have a clue about perception, honesty, and the way HSBC Finance Corporation is doing business. It is not in keeping with HSBC standards” said the group.
This article, Michael Geoghegan Should Read HSBC Live Complaints Says Watchdog, 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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