HSBC reportedly exploring potential sale of high street bank
Banking giant HSBC is reportedly considering the potential sale of its high street bank.
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According to "senior sources" cited by the Sunday Times, the government's decision to force banks to ring-fence their operations means the bank's directors are examining the future of its UK retail operations and are considering a potential spin-off or sale.
The publication cited one source as saying: "If you can't control the retail arm, why would you hold shares in it? You can retain a commercial link, but there is no point in owning it without control."
The ring-fencing will not be enforced until 2019.
The news comes after the FTSE 100 company revealed on Friday that it is considering the relocation of the headquarters of the retail bank because of new taxes, tougher regulations and the lack of certainty over whether Britain will remain in the European Union.