HSBC says growth potential exists for its credit card business

2009-5-20 Beijing

HSBC may find acquisition opportunities at the end of this year or early next year as it expects consolidation in the banking industry, group chief executive Michael Geoghegan said. Geoghegan noted that the bank will take two years to study if the credit card business in the US can be linked to those in other regions and to see if the economic situation will further deteriorate. Despite the fast growth in bad debts, he is still optimistic about the future development of the bank's credit card business.