Oct 22, 2018
HSBC gets back into US consumer lending
HSBC is getting back into US consumer lending almost a decade after it was forced to write off $10.6bn for its last foray into that market. The UK banking giant said on Monday that it is launching a digital lending platform for US customers in the first half of 2019. "The US unsecured personal loan market is growing at 20 per cent annually and has surpassed $125 billion in balances," said Pablo Sanchez, Regional Head of Retail Banking and Wealth Management for HSBC in the US and Canada. Going online means the bank can address a far broader market than just those in the catchment areas of its almost 230 US branches. HSBC made a big play for the US consumer lending market with the 2003 purchase of subprime lender Household, but ultimately wrote off $10.6bn of goodwill associated with that deal and shuttered the business in 2009.
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