HSBC Sets Up Ring-Fenced U.K. Bank Six Months Early
July 02 2018 - 6:06AM
Dow Jones News
By Dimitrios Kontos
HSBC Holdings PLC (HSBA.LN) said Monday that it has finished
setting up its ring-fenced bank, HSBC UK Bank PLC, six months ahead
of the legal deadline.
The company said it completed the legal transfer of businesses
and customer accounts from HSBC Bank PLC to HSBC UK on July 1.
HSBC UK, created in response to the U.K.'s Financial Services
Act of 2013, which requires large banks to separate their
retail-banking activity from the rest of their business, will serve
about 14.5 million customers.
The company said it has transferred 400,000 bank accounts to new
HSBC UK sort codes and rebranded all HSBC branches in the U.K.
HSBC UK is entirely owned by HSBC Holdings PLC but has its own
board.
Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
July 02, 2018 05:51 ET (09:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
HSBC (NYSE:HSBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
HSBC (NYSE:HSBC)
Historical Stock Chart
From Apr 2023 to Apr 2024
