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Most of the persons concerned had expected that the next announcement HSBC would be to say that the agreement had been made. The eight week exclusivity period was about to take end and not given the enthusiasm of HSBC, he had no reason to expect any result as a positive.

Julian Roberts, Chief Executive of the old mutual, certainly not believe .c ' was until he read documents on Friday morning, where he saw in black and white that HSBC was to sabotage the ship.

This morning he got a call not Michael Geoghegan, the Chief Executive is preparing to leave the Bank, or Stuart Gulliver, President of the new Chief Executive, HSBC, but Sandy Flockhart insurance and personal banking services and commerciaux.Cet call me was said, was to be abrupt. No explanation was provided, leaving the unenviable task of having to call the main shareholders say that Mr. agreement has wide and, no, he knew why.

Worst passed to other persons involved in the processus.Au less someone of Lazard, HSBC advisors, was so surprised the reports read calls the opposite side and explained that there must be an error. It did not exist.

"What clear revelation is from the total gap between Headquarters and the transaction team?" said a leading player.

Such disconnection shall be disturbing for HSBC investors.Without an explanation clear, many a dark rumours began circulating on why HSBC suddenly had - not not so cold feet - freezer feet on the agreement of. 5bn ￡ 4.

Mr. Geoghagen was known as a man "Floreal" HSBC, eager to build the presence of the Bank in a market where the Barclays and Standard Chartered are much more fingers in pies to develop trade flows and retail market opportunities.Mr. Gulliver participates in a process of dismantling slowly strategy its predecessor? And if it is, what is next?

In addition, announces Charter Standard Wednesday a ￡ 3 United rights issue was spooked HSBC? Peter Sands, CEO of the standard of the Charter, said the collection of funds to ensure that the Bank was fully prepared for the new capital requirements Basel III.

Mr. Gulliver requested private for himself on the question of whether HSBC would actually means a spending billions of pounds that analysts estimate, reduce core tier 1 capital ratio Bank - a marker of resistance of a bank - 9 4pc 10pc?

Nedbank was simply a bad bargain - a bank with a lot of bad debt that was not worth the risk?Standard Chartered had been interested in a possible takeover of the summer "at the right price", but their problem of rights removed effectively their tender .avait HSBC saw his chance to get an attractive process?

What is the explanation, and it might well be a mixture of everything - the past 48 hours have not shown HSBC in the best light. Important and sensitive advertisement has been disclosed and then is precipitated in a manner that left investors from both sides "confused", explains one of those involved.

This regulator South Africa, Errol Kruger, has done everything (I was told he called not until Friday afternoon to be informed about the reverse) is anyone's guess.

HSBC said that he is always in search of opportunities in South Africa.Well, after this performance, they should be step around too long for a home armed opened by the South African Government or regulatory authority.

HSBC motto is "local bank in the world."He must take care responds to this monicker and demonstrates respect for those with whom it wishes to make transactions and the countries in which it wants to do business.Many people involved in this process believe that on this occasion, the Bank has not these two measures.

Regulation, regulation, regulation

The European Council; systemic riskthe European authority of the Bank.European sickness and pension labour administration;the European Securities and markets; administrationthe Joint Committee of European supervisory authorities; the abolition of the Financial Services Authority.the bancaire.solvabilité II Commission;Basel III.Marchés in Financial Instruments Directive II; the tax bonus INYANGE 'alternative Investment Fund Managers' directive abuse of marché.la revision of the deposit guarantee schemes directive directive the revision of the directive to pay investors; directive on derivatives and custodians of commerce; implementation of Dodd-Frank for institutions other than the United States; Living Wills; levy bancaire.réduire dependence on credit rating agencies (which will be presented at the g-20 shots), fonds resolution.

Lord Lawson may be a point when he said in his interview with the Sunday Telegraph today fear reaction "over-regulation" that could stifle growth économique.Ceci, with the help of Michael McKee, a DLA Piper partner and expert in the financial regulation is a (not exhaustive) list of tax changes and regulations currently live in the financial sector who work in their own way, mostly European, System.

No wonder Peter Sands, Managing Director of Standard Chartered has launched a 5.3 ￡ 3 rights issue week dernière.Avec all these regulatory winds swirling, better to have too capital on the books than too little.

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