HSBC has been joined by four other UK banking giants today in rejecting any Government capital assistance, following this morning's £37bn bail-out package for Lloyds TSB, HBOS and RBS.
Abbey and Alliance & Leicester owner Santander, along with Barclays, Standard Chartered and Nationwide Building Society do not intend to use the UK government's recapitalisation initiative. Barclays, viewed as the most fragile bank not to seek Government help, aims to raise £6.5bn in tier 1 capital. The bank’s board says it can raise the additional funding from investors, given the strength of its diversified business and existing capital base. Santander announced this morning it will pour £1bn into its Abbey National subsidiary, while Asian-focused bank Standard Chartered says it is “w...
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