HSBC has reportedly entered the race to acquire Tesco Bank, joining other high street lenders like Barclays and Lloyds Banking Group.
According to a report from Sky News, the global banking giant has tabled an indicative offer for the banking arm of the supermarket giant, Tesco.
Alongside them, major rivals in the form of Barclays and Lloyds are also said to have made offers of their own as they look to snap up the bank.
Tesco’s plan to offload its banking branch, which is home to 5m customers and employs more than 3,500 people, was initially revealed by Sky in February 2022.
According to a Sky insider, it has been suggested that a deal involving a major UK bank would probably not face resistance from competition regulators. However, it would highlight the enduring dominance of major high street lenders in the aftermath of the financial crisis.
When approached by Sky News for comment, HSBC declined to comment on the allegations.
In recent days, it has been revealed that the firm is launching an international payments app designed to directly challenge the dominance of FinTech giants like Revolut and Wise.
This strategic move will see the debut of Zing, which is aimed at penetrating the lucrative market of affordable foreign exchange services, according to Bloomberg.
The solution seeks to capture a segment of the burgeoning market catering to affluent consumers, commencing its launch in the UK before expanding to other European markets.
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