UNICREDIT chief executive Jean Pierre Mustier has ruled himself out of the running to take over the reins at HSBC, the Financial Times reported late last night. Mustier had been chosen as the preferred external candidate by HSBC's board of directors. The leadership contest, which is now set to enter its seventh month with no outcome, was said to be a two-horse race between Mustier and internal contender Noel Quinn, who has served as HSBC interim chief since last August.

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