HSBC joins suitors for Edinburgh’s Tesco Bank

HSBC has joined a number of rival high street banks competing to buy Edinburgh-based Tesco Bank as the bank’s supermarket owner starts a new effort to sell the business, according to Sky News.

Rival UK banks Barclays and Lloyds Banking Group — owners of Bank of Scotland, Scottish Widows and Halifax — are also reported to have tabled offers.

Tesco’s potential exit from the banking business comes roughly 15 years after it paid about £950 million to acquire Royal Bank of Scotland’s 50% stake in their Tesco Personal Finance joint venture

HSBC has submitted an indicative offer for Tesco Bank, which has about five million customers and employs more than 3,500 people, Sky News said.