HSBC Holdings plc said Monday it would stop most U.S. consumer lending and raise £12.5 billion ($17.9 billion) by selling new shares to rebuild capital after a mammoth write-down.
The retreat affects the HFC and Beneficial brands and effectively unwinds HSBC's $15.5 billion, 2003 acquisition of Household International Inc., of Prospect Heights, Ill., whose problems with subprime borrowers helped trigger the global economic crisis.
This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools.
To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button.
Dig deeper, with Pipeline.
* 2,592 articles related to HSBC Holdings plc
* 227 in-depth reports of Auctions in the Financial Services sector
* 130 articles related to Household International Inc.
* 24 company pages related to HSBC
* 10 years of news and analysis archives from the voice of The Deal Economy
No comments:
Post a Comment