HSBC welcomes government's new scheme for businesses
www.moneynews.co.uk > Banking > HSBC welcomes government's new scheme for businesses
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Money News |
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HSBC welcomes government's new scheme for businesses
Wed 14th Jan 2009
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The plan, announced by the business secretary Lord Mandelson this morning, offers a pot of £20 billion to guarantee loans to small businesses, helping banks reduce the risk from companies defaulting on their loans.
HSBC announced that it would contribute to the £75 million equity fund for small businesses which also forms part of the plan.
Paul Thurston, HSBC's managing director of UK banking, said that his company welcomed the plan as "another valuable step in efforts to support British business".
Mr Thurston added: "HSBC has very much remained open for business through this credit crunch, announcing our own new $5 billion (£3.43 billion) global SME fund last year (with £1 billion earmarked for UK business)."
The government also announced this morning that Mervyn Davies, the respected chairman of Standard Chartered bank, would be joining their team as minister for trade.
Click here for more banking news
Related News : Banking |
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Related News : HSBC |
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