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HSBC says no to “Government&#39s universal bank”

HSBC has publicly shot down the Government&#39s “universal bank” proposal yesterday, saying it will not lend its support to the venture.

In private, other large banks have reportedly been against the idea, but this the first the time one of the high street banks has gone on the record with its opposition to the proposal.

HSBC says it prefers to offer basic banking services to low-income customers through its own branch network, not through the post office as the Government has suggested.

HSBC UK chief executive Bill Dalton says: “We do not believe it is the correct way forward. We are not supportive of the proposal.”

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Europe: banking on a recovery

Neptune video: Europe — banking on a recovery

Arguing that the eurozone crisis is over, watch Rob Burnett, head of European equities at Neptune, discuss the sectors that he’s investing in to harness the recovery. 

In the video, Burnett addresses the following: 

• The primary drivers of the eurozone’s economic recovery
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