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PARLIAMENTARY BRIEF
THE FUTURE OF MIDLAND BANK
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"My board is convinced that the HSBC offer represents the right strategy for Midland's future. The viable alternative is that we stand alone with an independent future. Lloyds has not made an offer, only a possible offer because of the competition issues." (Letter to MPs from Midland's Chairman, 14th May, 1992)
KEY POINTS
BRITISH BANKING AND THE CITY OF LONDON
A combined HSBC-Midland group will be a major British-based bank. Together, the group will be stronger and better able to take on foreign competitors. It will also reinforce London's position as the financial centre of Europe, with Midland already a major presence on the continent.
HSBC Holdings is a UK incorporated company. If the merger is successful, HSBC's headquarters will be moved to London and the Bank of England will be the lead supervisor of the enlarged group.
EXPANDING SERVICES FOR EXPORTERS
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HSBC is a leading international banking organisation. has an international network of some 1400 offices in more than 50 countries. In particular, it has a network of core regional banking operations in the world's three major economic regions of Asia-Pacific, Europe and North America.
A merger with HSBC will result in new products and new business being introduced to a wider customer base. By linking Midland with HSBC's network, an improved service will be provided to British exporters.
A Lloyds merger with Midland would mean a contracting, inward-looking bank.
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