Life is so unfair. Lloyds Bank, a pure play on the UK with the overhang of government ownership, trades on 15 times earnings. HSBC, with its diversified portfolio of banks around the world and great exposure to Asian growth, trades on 12. So it is hardly surprising that HSBC has discussed floating a stake in its UK retail business.
人生如此不公。勞埃德(Lloyds)銀行僅擁有英國單一市場，還有政府持股的拖累，但股價市盈率達15倍。匯豐(HSBC)擁有遍布全球的多元化銀行業務組合，還有面向亞洲經濟增長的極佳敞口，但股價市盈率只達到12倍。難怪匯豐在討論將其英國零售業務的一部分上市。
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