 From 1998 to 2005, HSBC spent $47bn on acquisitions, including those of Republic National Bank, Credit Commercial de France, Bital Bank, Bank of Bermuda, and Household International.He was chairman when the Household acquisition was approved in 2003 by the Board.Household was a consumer finance business, an established business in the US serving the 40% of the US population who are sub-prime; other major players were GE, Wells Fargo, Citigroup and AIG.