HSBC

Spanish bank BBVA is considering making an offer for British bank HSBC?s businesses in Brazil and Turkey, senior bank executive Vicente Rodero said at an annual meeting in Mexico City, website CNNExpansion reported on June 10.

Scandal-hit bank HSBC said on June 9 it would cut its global headcount by up to 50,000 as part of a restructuring that entails its withdrawal from Brazil and Turkey, while it also mulls abandoning London as its HQ.

In a statement to the Hong Kong stock exchange it also said it intends to save $5 billion in annual costs within two years.

Britain is prepared to review a tax on banks to head off the threat that large multinational banks like HSBC could leave London?s financial center and shift their operations overseas, the Sunday Times reported, citing industry sources.

Scandal-hit global bank HSBC plans to cut thousands of jobs across its global operations, broadcaster Sky News reported on June 2.

ING Group, BNP Paribas and Bahrain-based Arab Banking Corp (ABC) have submitted bids to buy HSBC's Turkish business, a source familiar with the process said on May 29.

The source said the bids are non-binding, suggesting that the process could still take some time to complete, but that one-to-one talks have begun.

The Romanian Agency for Fiscal Administration, ANAF, is to verify whether there are differences between the money declared by the 50 HSBC clients and the amounts found in their accounts in Switzerland, according to media reports on Monday.

Any unreported income will be taxed at 16 per cent, ANAF officials were quoted as saying by Digi24 television. 

HSBC Holdings Plc could select a preferred bidder for its struggling Brazilian unit as early as next month, with the sale expected to be finalized by August, three sources with knowledge of the process said.

The Turkish manufacturing sector remained in a downturn in April, for the fourth consecutive month, according to PMI survey data from HSBC.

European shares edged lower in early trading on Monday, with lingering concerns over Greece's debt situation prompting investors to trade cautiously at the start of a new week.

German Finance Minister Wolfgang Schaeuble hinted on Saturday that Berlin was preparing for a possible Greek default, drawing a parallel with the secrecy of German reunification plans in 1989.

HSBC Holdings, Europe's biggest bank, will review whether to move its headquarters out of Britain, potentially dealing a blow to a country trying to balance tighter regulation with the importance of the financial industry to its economy.