HSBC joins in for Tesco Bank acquisition race

HSBC has reportedly joined the race to acquire UK-based Tesco Bank, along with other major banks Barclays and Lloyds. Tesco Bank announced plans to sell its banking arm in February 2022. The banking arm has 5 million customers and employs over 3,500 people. The potential deal would not likely face resistance from competition regulators, but would highlight the continued dominance of major high street lenders in the aftermath of the financial crisis. HSBC declined to comment on the reports. In other news, HSBC has recently revealed plans to launch an international payments app called Zing, which aims to challenge the dominance of fintech giants like Revolut and Wise.