Global Consumer Finance Global Consumer FinanceCanada
HSBC Finance Corporation has a Canadian operation which it inherited from Household International, since the HSBC acquisition the Canadian subsidiary works increasingly closely with HSBC Bank Canada. The unit offers mortgages, personal loans and insurance through its 115 branches in 10 provinces as well as via its 80+ merchant relationships.
United Kingdom
In the United Kingdom, HFC Bank is a mid-market consumer lender and a major provider of consumer loans and credit cards. Its branch network consists of around 150 Beneficial Finance branches, and it also operates under the marbles brand. Since Household International's acquisition by HSBC, HFC Bank has worked increasingly closely with HSBC Bank plc, including refer up/refer down arrangements and HFC introducing customers to HSBC's insurance centre.
Other locations
The techniques and experience of HSBC Finance Corporation are being increasingly exported to other HSBC markets, for example, the establishment of Proa by HSBC Bank Argentina, and new business being established in Poland by HSBC Bank Polska.
HSBC Finance Corporation has a Canadian operation which it inherited from Household International, since the HSBC acquisition the Canadian subsidiary works increasingly closely with HSBC Bank Canada. The unit offers mortgages, personal loans and insurance through its 115 branches in 10 provinces as well as via its 80+ merchant relationships.
United Kingdom
In the United Kingdom, HFC Bank is a mid-market consumer lender and a major provider of consumer loans and credit cards. Its branch network consists of around 150 Beneficial Finance branches, and it also operates under the marbles brand. Since Household International's acquisition by HSBC, HFC Bank has worked increasingly closely with HSBC Bank plc, including refer up/refer down arrangements and HFC introducing customers to HSBC's insurance centre.
Other locations
The techniques and experience of HSBC Finance Corporation are being increasingly exported to other HSBC markets, for example, the establishment of Proa by HSBC Bank Argentina, and new business being established in Poland by HSBC Bank Polska.
HSBC Finance
HSBC Finance Corporation is a financial services company and a member of the HSBC Group. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that had been known as Household International, and is now is expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere.
HSBC Finance Corporation’s subsidiaries primarily provide middle-market consumers real estate secured loans, auto finance loans, MasterCard and Visa credit card loans, private label credit cards, personal non-credit card loans and specialty insurance products. Major brand names operated include the prime HSBC MasterCard, Union Plus and GM Card offerings, middle market Direct Merchants, HFC, and Beneficial brands, and the sub-prime Orchard Bank and Household cards.
HSBC Finance Corporation is a financial services company and a member of the HSBC Group. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity that had been known as Household International, and is now is expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere.
HSBC Finance Corporation’s subsidiaries primarily provide middle-market consumers real estate secured loans, auto finance loans, MasterCard and Visa credit card loans, private label credit cards, personal non-credit card loans and specialty insurance products. Major brand names operated include the prime HSBC MasterCard, Union Plus and GM Card offerings, middle market Direct Merchants, HFC, and Beneficial brands, and the sub-prime Orchard Bank and Household cards.
Household International joins the HSBC Group
HSBC acquired Household International on March 28, 2003. The acquisition was controversial: Household International had, in October 2002, settled for $486 million charges of predatory lending by attorneys general in 46 U.S. states. Household International's CEO William Aldinger became the highest-paid director in the United Kingdom, before announcing his departure in February 2005. After its integration with the HSBC Group Household International was merged with a subsidiary company and renamed HSBC Finance Corporation.
In August 2005, HSBC-N.A. announced plans to acquire Metris Companies, Inc. Metris is a credit card issuer to the U.S. middle market segment. The deal closed in early December 2005 and is an all-cash transaction worth close to US$2 billion. HSBC will insert the Metris product line including the American DreamCard (under the Direct Merchants Bank brand) into the HSBC-NA credit card family of products.
HSBC acquired Household International on March 28, 2003. The acquisition was controversial: Household International had, in October 2002, settled for $486 million charges of predatory lending by attorneys general in 46 U.S. states. Household International's CEO William Aldinger became the highest-paid director in the United Kingdom, before announcing his departure in February 2005. After its integration with the HSBC Group Household International was merged with a subsidiary company and renamed HSBC Finance Corporation.
In August 2005, HSBC-N.A. announced plans to acquire Metris Companies, Inc. Metris is a credit card issuer to the U.S. middle market segment. The deal closed in early December 2005 and is an all-cash transaction worth close to US$2 billion. HSBC will insert the Metris product line including the American DreamCard (under the Direct Merchants Bank brand) into the HSBC-NA credit card family of products.
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