It is not to be confused with HSBC Bank. HSBC Bank plc is one of the largest banking and financial services organisations hsbc affiliate the world. HSBC’s international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings.
The UK headquarters of HSBC is located at One Centenary Square in Birmingham. The global headquarters are at HSBC Tower, 8 Canada Square in the Canary Wharf area of east London. The building houses some 8,000 staff over 42 floors. This has led to the bank being seen as a less risky proposition than the other banks by investors and customers, as it is able to fully fund its own operations.
It has also contributed to the company’s share price maintaining value throughout the credit crunch, unlike other banks in the market. 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.
Through its subsidiary HSBC UK Bank plc the bank maintains a network of around 1,100 branches throughout England and Wales, with a much smaller presence in Scotland and Northern Ireland where local banks tend to dominate. In April 2008 HSBC launched a campaign selling mortgages. While other banks and building societies felt the effects of the ‘credit crunch’, HSBC, bolstered by a favourable savings to lending ratio, unveiled a mortgage rate matching deal that would offer non-HSBC mortgage customers the ability to match their current mortgage rate. In 2009, the bank closed its outlets in Morrisons supermarkets which had traded under the Your bank at Morrisons brand following the end of an agreement between both businesses. The outlets offered a range of financial services, including an exclusive credit card and savings account.
In September 2015, the group announced it would rebrand its UK branch network as HSBC UK from 1 January 2018, as part of an effort to separate its retail banking operations from its investment banking. Such a split has been stipulated for all banks by the UK’s banking regulators. In November 2016, Clara Furse was named as Chairwoman of HSBC UK. In 1989 the Midland Bank launched First Direct, the pioneer of telephone banking, with a person-to-person service available 24 hours a day, 365 days a year.