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