HSBC to Pullout of US Lending; Trading Suspended in Hong Kong
Sunday, March 1, 2009 21:08
HSBC requested that trading of its shares be suspended in Hong Kong ahead of an “announcement of a corporate action.” The company is expected to announce the divestment of its US consumer lending business. Shares are expected to begin trading again on Tuesday.
In 2003, HSBC purchased the US consumer lending firm Household International Inc. for $14 billion. Household was heavily invested in US subprime loans and has suffered massive losses.
The company is also due to announce quarterly earnings on Monday. Analysts expected a sizable decline along with the possibility of a dividend cut.
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HSBC to Pullout of US Lending; Trading Suspended in Hong Kong « Pak Alert Press says:
March 2nd, 2009 at 4:13 am
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Lawrence P says:
March 2nd, 2009 at 6:25 am
Oh GREAT. I have a credit card with those GREEDY PIGS. What the _____ happened to all the revenue they glom with thieir PREDATORY high interest, ________ed up yearly fees they automatically bill you with…throwing your card overlimit, and the other crap??????
Hope they crash and burn.
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March 2nd, 2009 at 10:15 am
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