Banking News

HSBC, RBS in US acquisition mode

HSBC, RBS in US acquisition mode

(10 February 2004 – UK) British banks HSBC and Royal Bank of Scotland are reportedly in discussions to buy GreenPoint Financial, one of the top 50 banks in the US. New York based retail and mortgage bank GreenPoint, which has assets of US$22 billion and a market value of $6 billion, has engaged two investment banks to sound out potential buyers.

According to reports, the bank has taken on investment banks Keefe, Bruyette & Woods, and Lehman Brothers to recommend sales options in the wake of profit dips over the past two quarters.

Royal Bank of Scotland has reportedly tabled a bid of £3.3 billion (US$6.1 billion).

So far the banks have neither confirmed nor denied the reports.
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