HSBC joins its peers in objections to US Basel II
HSBC North America Holdings voices its opposition to the Basel II proposal
HSBC North America Holdings has joined Citigroup, JPMorgan, Wachovia and Washington Mutual in voicing its opposition to the Basel II proposal. The bank's chief risk officer David D Gibbons, in a letter to regulators voiced his concern that the current proposal is inconsistent with the international model and with existing sound capital management techniques.
HSBC North America Holding would be required to adopt Basel II in the US under the current US plan, but because its parent company
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