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HSBC Plunges Into Consumer Lending With Its Household International Deal.

Publication: Mergers & Acquisitions Journal
Publication Date: 01-JAN-03
Format: Online
Delivery: Immediate Online Access

Article Excerpt
HSBC Holdings PLC placed a big bet on the American financial services market when it recently agreed to acquire consumer lender Household International Inc. for $15.3 billion in stock and cash. The deal is the latest in a series of acquisitions of U.S. financial companies by European buyers. The Citizens Financial Group Inc. unit of Royal Bank of Scotland Group PLC acquired Commonwealth Bancorp Inc. for $450 million and Allied Irish Banks PLC merged its U.S.-based Allfirst Financial Inc. unit with M&T Bank Corp. in a $3.1 billion transaction.

"There are a number of European banks...

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