British banks such as HSBC, Royal Bank of Scotland and Barclays are likely to express interest in buying Morgan Stanley’s Discover credit card unit, banking sources said.
Morgan Stanley said last week it planned to spin off Discover by giving its investors shares in the seventh-biggest U.S. card issuer, which analysts have valued at more than $10 billion.
“It’s an invitation to people like HSBC, Barclays and Royal Bank of Scotland to take a look at the business,” said an investment banking source. “The question is not if, but when they approach Morgan Stanley.”
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