Household President gives business update

Household International President and Chief Operating Officer Dave Schoenholz recently presented a business update to the investment community.

Speaking from the HSBC Group's headquarters in London, Schoenholz gave an overview of Household's business model, the company's drivers for future growth, as well as an update on the integration of Household's operations into the HSBC Group. HSBC completed the acquisition of Household in March this year.

On the subject of integration, Schoenholz disclosed that:

32 integration projects and teams have been established.  A new organisational structure has been announced. Efforts are underway to "export the Household model" globally. Regulatory, audit, and compliance management are on track. Detailed financial forecasts support integration benefits.

Schoenholz summarised Household's business update by confirming Household's established presence as an industry leader in consumer lending and that business fundamentals are improving after a difficult 2002. In closing he said: "The overall drivers, the things that make us tick, show that we have good momentum."