Card Credit

August 17, 2007 (LBO) - Sri Lanka's HSBC bank, the top credit card issuer in the island has tightened credit card based lending in the face of a spike in defaults, officials said.
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"We have seen an increase in non-performing advances," HSBC's head of personal banking Simon Williams told LBO.

"When inflation picks up and expenses go up people find it difficult to meet payments on time.

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HSBC has tight rules on provisioning of loans which is higher than Sri Lankan requirements.

HSBC officials say its Sri Lanka portfolio defaults are still lower than comparator countries overseas.



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The bank has half the credit card based transaction volume though a lesser share of the outstanding loans, James Roberts, who heads operations and risk of its card division, said.

It has also raised the bar to qualify for a credit card from a basic monthly income of 10,000 rupees to 15,000 rupees.

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More than seven months into 2007, HSBC has only issued about 35,000 new cards against around 100,000 in 2006, officials said.

The bank has a computer based scoring system to approve new card issues and sophisticated software allowing it to track and chase after delayed payment

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