HSBC has received the government’s response to the Competition Commission’s inquiry into banking services for small and medium sized businesses (SMEs) and issued the following statement:
“We applaud the chancellor’s stated belief that profits are essential to a market economy and that competition is healthy. HSBC is an international bank with operations in 81 countries and territories worldwide. In our experience, strong economies need strong banks and we have found the UK financial services market to be one of the most competitive in the world.
We note the Competition Commission’s conclusions that SMEs are satisfied with the quality of service they receive and the cost of and access to finance. We also note the Commission’s finding that HSBC provides the highest quality of service and some of the lowest prices in the market.
