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HSBC opts out of Britain's pandemic loan collection plan

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HSBC has opted out of an industry-wide plan for collecting unpaid emergency COVID-19 business loans, in a blow to efforts by other banks to team up to limit any reputational damage if firms struggling to repay are treated unfairly.Reuters reported in December that only 10 of 23 lenders that have granted 'bounce back' loans (BBLs) had at the time joined the body, with most smaller ones opting out believing it did not offer value for money.HSBC told industry body UK Finance, which is setting up the central body, this week that it would not be joining, a source with knowledge of the matter told Reuters, after a decision by senior HSBC managers in recent weeks.Major banks have been toiling for months to set up a co-ordinated system for.

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