The bank had a lot on its plate in integrating the US Banks Republic New York and Safra, bought last year, as well as Credit Commercial de France, he said.

"I think what we're looking now to do is to consolidate our activities and to rationalise where we can within the group across the various new acquisitions," he told Reuters in an interview. If something tempting came along HSBC had the resources to look at it.

"We haven't got a shopping list and we're not charging around frantically trying to find the next target." Whitson, speaking as HSBC reported a 28 per cent rise in first-half profits, said the bank was not specifically interested in German banks, including Commerzbank, whose proposed merger with Dresdner collapsed last week. The chief executive said HSBC's name had been linked with Commerzbank for almost as long as he could remember. "The answer is that we continue to look at all opportunities. We don't have anything specific in our sights."

He said one of the problems with the German banking market was that the banks found it difficult to make money in their own domestic market. Rationalisation was required, he said, but this could not easily be achieved via a foreign acquisition or merger because the banks would not have the branch networks to put together.

"With CCF in France now, I think we will have a very good platform for Euroland." He said HSBC, with operations in Asia, Europe, the US And Latin America, probably still had a gap in terms of profitability and asset distribution in North America.

Whitson said asset management in that market was one area the bank might be looking at, but it was in no hurry to make a move.

"We're always on the lookout but we have to look at shareholder value and a lot of the things that are dangled in front of us aren't necessarily attractive from that perspective."

In Asia, he said HSBC might be looking at opportunities in Taiwan and might open more branches in Indonesia.

HSBC Holdings on Monday reported a 28 per cent jump in pre-tax profits for the first-half of the year to $5.206 billion. Profits had been forecast to come in between $4.20 and $4.78 billion.

The group, which has operations spanning Europe, Asia, North America and Latin America, declared a first interim dividend of 15 cents per share, an increase of 13 per cent on the 1999 first interim dividend.

HSBC said its charge for bad and doubtful debt fell by $714 millioncompared to the year-ago period to $368million after releasing 40 per cent - or $116 million - of the special general provision for Asian risk established in 1997. HSBC has been on an acquisition spree in the past year, focused on developed rather than emerging markets.