Household International is set to enter the credit card market

Yesterday, HSBC group president, Stephen Green, announced that Household International, owned by HSBC, would soon service retail customers and it will aim at the credit card market. The institution does not operate here as a bank, but owns a brokerage house and a company offering investment-banking services. This situation, however, will soon change, as through Household International, HSBC has bought a banking license from Polski Kredyt Bank, formerly known as Prosper Bank. "At present, we are awaiting a decision from the GINB (General Banking Supervisory Inspectorate) on granting us a license to commence operations," said Sylwester Pedowicz, responsible for the operating activity of Household in Poland. The new bank will probably also offer cash, mortgage and car loans, as these are the sectors in which it operates in other countries. HSBC might also buy a large bank, as "…they need it if they want to have a strong position on the Polish market," stated Marcin Jabłczyński, a DB Securities analyst. (Parkiet, p. 1) M.M