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HSBC (HBC) chief Stuart Gulliver reportedly told analysts the bank would potentially sell its...

Friday, May 18, 2012, 3:48 AM ET
HSBC (HBC) chief Stuart Gulliver reportedly told analysts the bank would potentially sell its U.K. retail banking business if new regulations proved to be too demanding. Selling the operation would give HSBC one less reason to keep its head office in Britain, as the U.K.'s bank levy already makes relocating attractive.

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This news story has 2 comments:

DaLatin Comments (1529)

This should have been crystal clear and with HBC selling most of the US holdings and selling their credit card business to Cap One was telling. My sources tell me that the new FATCA rules from the IRS have HBC looking to rid itself of ALL US operations and UK as well as there are solid financial treaties.

Thus exiting the UK will allow HBC to expand throughout Asia and not have the IRS fingers feeling around. HBC's Premier world account was a wonderful way to be a world player,but, the US under Obama crushed it with all the rules an restrictions.. Sad !

18 May 2012, 04:07 AM Reply Like

Griller Comments (151)

HA! A likely story. They have to sell off their assets and flee town because they are insolvent from their Asian exposure is more like it. Looks like they were the patsy this time. How many calls we have gotten from anxious brokers trying to dump emerging markets. We shall see...

18 May 2012, 04:20 AM Reply Like

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