HSBC unit sees consumer lending up 30% in 2004
Bnamericas Published: Tuesday, December 16, 2003
Losango, the Brazilian consumer finance unit of UK-based bank HSBC (NYSE: HBC), expects to boost lending 30% next year compared to 2003, local news service Valor Online quoted Losango executive director Leonel Andrade as saying. The report did not give actual amounts. HSBC announced in October an agreement to purchase Losango for some US$815mn from fellow UK bank Lloyds TSB. Andrade said Lonsango would keep its strong brand and continue with its focus on consumer finance for individuals. Next year's growth will be based on a new "package of products and services" that will include insurance, payable receivables and loans deductible from payrolls, Andrade reportedly said.
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