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HSBC eyes sale of its Canadian subsidiary
October 4, 2022
3:04 pm
Briguy
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I would think that only one of the big 6 banks would entertain buying HSBC Canada. I don't see it as having much impact on interest rates since they weren't very competitive, but it's never a good thing to decrease competition.

October 4, 2022
5:05 pm
AltaRed
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It is only a rumor so I wouldn't get excited about it just yet. I have read anecdotally that HSBC has excellent customer service, facilitates movement of accounts Internationally for those that re-locate, etc, etc. Internet noise is the loss of HSBC will be a detriment for quite a few folk.

October 4, 2022
11:09 pm
RetirEd
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Personally, I wouldn't touch them.

HSBC has an international reputation for screwing small business customers and being exceptionally assistive to criminal organizations such as money launderers and people smugglers.
RetirEd

RetirEd

October 5, 2022
7:30 am
AltaRed
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There is a good Netflix documentary (one of the Dirty Money episodes) on HSBC money laundering The Brits did little about it given how powerful HSBC is in the UK.

October 5, 2022
7:39 am
Briguy
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AltaRed said
There is a good Netflix documentary (one of the Dirty Money episodes) on HSBC money laundering The Brits did little about it given how powerful HSBC is in the UK.  

The banks make a lot of money off money laundering, and governments tend to turn a blind eye to the whole issue, to a certain extent. eg. people bringing bags of money to B.C. casinos, buying Canadian real estate etc. Plus governments don't really investigate themselves, eg. SEC in USA recently sued Kim Kardasian for promoting a crypto scam, but did nothing to prosecute insider trading by members of Congress. Or money paid by Ukraine to Joe and Hunter Biden never looked into. Even Justin Trudeau has supposedly become quite rich over the last 10 years by unknown means.

October 5, 2022
12:59 pm
Loonie
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The last time I was looking to buy a new car, one of the salesmen said he had recently left his job with a luxury car dealer in Calgary due to economic downturn. He said it had been common there for buyers to pay cash for very expensive cars without paying much attention to the actual car. It seemed they just wanted to dump the cash. Apparently this was not an issue for the dealer.

October 5, 2022
1:25 pm
HermanH
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I'm sure the dealer/salesman also made certain to up-sell as many additional packages and features to the buyer, too.

October 7, 2022
3:30 am
iotama
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Briguy said

Or money paid by Ukraine to Joe and Hunter Biden never looked into. Even Justin Trudeau has supposedly become quite rich over the last 10 years by unknown means.  

Are these 'facts' pertaining to HSBC somehow? sf-laugh

October 7, 2022
1:35 pm
Briguy
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iotama said

Are these 'facts' pertaining to HSBC somehow? sf-laugh  

Tangentially, yes sf-laugh

November 11, 2022
7:04 pm
Lodown
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Interesting background article on the Hongkong and Shanghai Banking Corporation trying to sell their Canadian Division.

Seems an East West split may be in HSBC's future.

https://www.ft.com/content/80fd0450-9100-4c40-a579-1bdd4d2f1340

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