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April 26 (Reuters) - HSBC, Europe's biggest bank,is weighing plans to spin off its British retail bank in a 20billion-pound ($30.37 billion) deal, the Sunday Times reported.
Directors at the bank are considering the future of its UKretail operations, the newspaper reported, citing seniorsources. (http://thetim.es/1EG5vLq)
HSBC declined to comment on the report.
HSBC has ordered a review into whether it should move itsheadquarters out of Britain and potentially back to its formerhome in Hong Kong, threatening London's reputation as a globalhub for finance and investment.
A UK law forcing banks to separate their domestic retailoperations by 2019 is likely to be a key factor in any decision.If the bank does move, it could choose to spin off its UK arm,investors have said.
Founded 150 years ago as the Hongkong and Shanghai BankingCorporation, HSBC issues most of Hong Kong's bank notes and hasmade $24 billion in profit there over the past three years,compared with a $4 billion loss in Britain over the same period.
($1 = 0.6585 pounds) (Reporting by Supriya Kurane in Bengaluru; Editing by LarryKing)
