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HSBC reportedly eyeing Tesco Bank acquisition

The UK's largest banks have been linked to potential buyers of Tesco Bank. HSBC is the latest.

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HSBC is in the running to buy Tesco Bank, according to a Sky News report.

Alongside a number of rival incumbent banks, such as Lloyds and Barclays, the Sky News report said HSBC had already submitted a potential offer to acquire Tesco Bank.

This includes about five million customers and 3,500 employees.

A source quoted by Sky News, suggested such a deal by HSBC would not be blocked by regulators.

UK supermarket Tesco has operated a bank since 1997, but last year it was reportedly being lined up for a sale.

While it is a profitable division for Tesco, it is thought to be part of plans to simplify the wider group's strategy amid a time of improving fortunes for the retailer.

HSBC's latest move comes amid the launch of its fintech FX rival Zing, months after making an embedded finance push and less than a year after it took on the European arm of Silicon Valley Bank

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