approval before making a bid. The HSBC is known to have
bid for the RBC against the Bank of England's wishes.
Following Ministerial discussion, the lobby was informed
that the Government does not intend to introduce such
legislation.
4.
The statements on banking supervisión in Hong Kong made
by the Lord Privy Seal on 18 November were interpreted by
some as an indication of Governmental support for HSBC's
bid. However, HMG takes no position on the commercial
merits of either bid. Only concern is that Hongkong and
Shanghai Banking Corporation should not be descriminated
against on grounds of its incorporation in Hong Kong.
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