HSBC’s chief executive on Tuesday expressed regret that the bank was likely to be frozen out of the bidding process for assets being sold by the UK state-backed RBS and Lloyds Banking Group. Michael Geoghegan said that while HSBC had not been explicitly banned from the sale process, it was clear the government wanted to see them sold to new competitors. In a 3Q trading update, HSBC said that a fast recovery at its US consumer finance business had helped deliver strong Q3 profits.

This entry was posted by Gwen Robinson on Wednesday, November 11th, 2009 at 4:51 and is filed under Capital markets, M&A. Tagged with hsbc, Lloyds Banking Group, rbs. Edit this entry.