HSBC has joined rivals Barclays and Lloyds Banking Group in expressing an interest in the banking arm of supermarket giant Tesco.
In brief:
- HSBC has joined a host of rival high street lenders vying to snap up Tesco Bank as its owner mounts a fresh attempt to offload the business.
- HSBC has submitted an indicative offer for Tesco Bank, which has about five million customers and employs more than 3,500 people.
- Tesco Bank retreated from the UK mortgage market in 2019, announcing the sale of its existing mortgage book to Lloyds Banking Group for a cash consideration of £3.8bn.
