HSBC’s $14 billion purchase of US consumer credit company Household International in 2002 was a cracking transaction. But given how big the UK banking group is, this was not a transformational deal in the way Royal Bank of Scotland’s takeover of NatWest was. Two years on, investors are asking what HSBC might do for an encore.
Household is increasingly looking like an opportunistic one-off deal. HSBC snapped up Household for an attractive price when the target’s rating was depressed.
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