16 Facts About HSBC Finance

HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings.

HSBC Finance Corporation was formed from the legal entity that had been known as Household International—shortly after Household International settled for US$486 million in charges pertaining to predatory lending, after burning through $389 million in legal fees and expenses—and is expanding its consumer finance model via the HSBC Group to Brazil, India, Argentina and elsewhere.

On November 14,2002, HSBC announced the acquisition of Household International Inc for a total value of US$15.

HSBC Finance will insert the Metris product line including the American DreamCard into the HSBC Finance-NA credit card family of products.

In 2009, HSBC Finance Corporation announced the discontinuation of loan originations of all products by its Consumer Lending business, but continue to service and collect the existing receivable portfolio as it runs off, while continuing efforts to reach out and assist mortgage customers with their loan repayments and home preservation.

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In 2010, HSBC Finance sold its auto loan units to Santander Consumer USA.

Sale of the US credit card division came a little more than a week after HSBC Finance announced that it will sell almost half its retail branches in the United States.

HSBC Finance said the two actions are part of its plan to make HSBC Finance a more internationally focused business, but reassured that the US is still considered a key market in its strategy.

In 2013, HSBC Finance sold its US consumer loans to Springleaf Financial and Newcastle Investment Corp.

On 16 June 2016, HSBC Finance Corporation has declared a settlement of a 14-year shareholder class case focused on incidents that happened until HSBC purchased Household International Inc in 2003.

For instance, it was alleged that Household HSBC Finance had placed borrowers in high-cost loans with costly prepayment penalties which had not been properly disclosed.

HSBC Finance Corporation has a Canadian operation which it inherited from Household International.

In June 2009, HSBC Finance announced that 100 branches would be closed, including all six in Scotland, with all branches closing the following month.

HSBC Finance website is offline, it previously stated; our branches have been closed since July 2009.

HSBC Finance was the third-largest issuer of private label credit cards in the United States, including cards for more than 70 active merchant relationships, including Best Buy, GM, Yamaha, Kawasaki, Neiman Marcus, Polaris and Saks Fifth Avenue.

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.