HSBC Islamic Banking – Americans Take Notice

UK – May 25, 2007 — Further evidence that the profits of Britain’s banks are being hit by customers reclaiming bank charges emerged yesterday when HSBC admitted it was feeling the repercussions of a customer revolt. Guardian Unlimited reported the story.

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Is Household International for Sale Again?

Look for signs of consolidation and streamlining as HSBC possibly looks to clean up their United States image by unloading predatory lender Household International, now called HSBC Finance Corporation. The North American division accounted for almost two-thirds of HSBC’s $10.6 billion in loan-loss provisions for 2006. HSBC earned $4.7 billion before tax in North America last year (2006). Never fully accepted by reputable bankers and shunned in part by investors and shareholders, HSBC Finance Corporation still has a profitable, albeit questionable, private label credit card business. HSBC paid $14 billion for Household International in 2002-2003.

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HSBC Panama Upsets London Headquarters

A long list of troubles for HSBC Panama’s General Manager Joseph Salterio grew even longer when newspaper “La Estrella de Panama” recently published an article, “Tras la pista de la Romana, S.A.,” about how the assets of a family rice milling company were allegedly transferred into another company, defrauding the family co-owners. The complainant is Javier Tejeira, a legislator, and a co-defendant named in the criminal fraud complaint is Joseph Salterio, the general manager of HSBC – Panama and also one of the principals in the company that allegedly received the stolen assets.

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