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HSBC Bank (Europe)
From Wikipedia, the free encyclopedia
| HSBC Bank plc | |
|---|---|
 |
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| Type | Subsidiary of HSBC Holdings plc |
| Founded | 1836 |
| Headquarters | London, England, UK |
| Key people | Stephen Green, Chairman Dyfrig John, CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 56,000 |
| Slogan | The world's local bank |
| Website | www.hsbc.co.uk |
HSBC Bank plc is one of the major clearing banks in the United Kingdom having more assets than any other bank. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking. Across all brands the bank operates some 1800 sites in the UK.
HSBC's UK headquarters are at HSBC Tower, 8 Canada Square in the Canary Wharf area of East London. This building is also home to HSBC Holdings plc's headquarters, and houses some 8,000 staff over 45 levels.
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The Hongkong and Shanghai Banking Corporation acquired a 14.9 per cent equity interest in Midland Bank in 1987, and a strong working relationship developed. In 1992, HSBC Holdings plc acquired full ownership of Midland Bank. It was one of the largest acquisitions in banking history, giving HSBC the major foothold in Europe that it needed to complement its existing business in Asia and the Americas. Midland Bank was renamed HSBC Bank in 1999 as part of the adoption of the HSBC brand throughout the Group.
Under the HSBC brand the bank maintains a network of around 1500 branches throughout England and Wales, with a much smaller presence in Scotland and Northern Ireland where local banks tend to dominate. Branches are undergoing a rolling program of refurbishment to improve the 'retail experience' as the bank puts it, including the rebranding of branches as 'stores' and the inclusion of more open areas for staff to meet customers, as well as HSBC Live, a radio station specifically produced for the bank by media company Immedia in Newbury, Berkshire.
In January 2005 the bank was the first to hold a "Sale" along the lines of the January sales which have long been a feature of the UK high street, in which many of the wide range of financial services offer had their rates reduced/increased or prices cut. Following this, in January 2006, HSBC held another sale, this time focusing on 50% discounts/rate increases on a range of their financial products, and during January 2007, HSBC held the UK's first Green Sale in which HSBC donated £2 GBP to world wide conservation projects for every Sale product opened by customers.
In mid-2003 HSBC became the first UK High Street lender to offer homebuying products in compliance with Sharia (Islamic) law, which prohibits the charging or payment of interest. The range now includes a bank account and home insurance policy (Takaful) as well as home finance.
HSBC operates a number of outlets in supermarkets owned by the Morrisons supermarket chain, they trade as Your bank at Morrisons and offer a range of financial services, including an exclusive credit card and savings account.
In 1989 the then Midland Bank launched first direct, the pioneer of the revolutionary concept of telephone banking, with a person-to-person service available 24 hours a day, 365 days a year. It now offers internet banking as well and serves more than one million customers. Over its first 15 years, first direct established a position as the United Kingdom's most recommended bank.[1]
As one of the three major Rolling Stock Companies in the UK, HSBC Rail owns around a third of passenger railway locomotives, multiple units and coaching stock running on Network Rails system, which it leases to various train operators. HSBC Rail became a member of the HSBC Group in March 1997.
Household International established HFC Bank as consumer finance business in the UK in 1973, it went on to became one of the largest consumer finance companies in the UK before Household was acquired by HSBC in 2003. HFC Bank provides retail credit to many leading national retailers and is the largest point of sale loan provider in the UK. The business focuses on retail finance, both through branches and direct channels, as well as co-branded and loyalty credit cards. Some of the key brands are the recently relaunched Beneficial Finance (with around 160 branches), marbles and The GM Card. Today HFC Bank has around 3.5 million customers.
As a result of the Household acquisition, the UK group gained expertise allowing it to enter joint ventures and contracts with more high street names, such as taking over Marks and Spencer Money on a partnership basis in 2004 and the John Lewis Partnership Card contract.
Through various acquisition deals, including some inside the HSBC Group for reorganisational purposes HSBC Bank plc has become the regional headquarters for Europe. This means the lines of authority from across Europe for such entities as HSBC S.A., HSBC Trinkaus & Burkhardt AG, HSBC Bank Malta plc, HSBC Turkey, HSBC Bank International and HSBC Private Bank in Europe lead to HSBC Bank plc.
HSBC Bank plc, 8 Canada Square, LONDON, E14 5HQ
- ^ First Response Survey. December 2004. Research undertaken agency among 1,577 current account holders across the UK, between 30 November 2004 and 8 December 2004
