HSBC has finished setting up its ringfenced bank, making it the latest of the UK’s largest lenders to complete the key post-financial crisis reform.
The bank yesterday said that it legally completed the complex move on Sunday, after it had received High Court approval on 21 May.
The bank holds over £200bn in assets and received its banking license from the PRA on 27 June, it said in a statement. The UK arm is wholly owned by the HSBC Holdings parent company, but it does have a separate board led by former London Stock Exchange chief executive Dame Clara Furse. The current chief executive is Ian Stuart, with David Watts as the finance boss.
Britain’s biggest banks were forced to split their operations in two by government after the global financial crisis, to protect retail and small business customers from the riskier activities of investment banks. The deadline for the switch is the beginning of 2019.
In total, the bank serves 14.5 million personal and business customers in the UK, including all retail customers at HSBC, M&S Bank and First Direct.
Latest News
-
Bank of England holds interest rates at 4.75%
-
IHT receipts increase by 11% year-on-year
-
Lendco renews £400m BTL warehouse line
-
Housing market beats expectations in 2024, Halifax finds
-
Homeowners ‘pessimistic’ over economy’s future, study finds
-
Annual price growth jumps to 3.4%, Land Registry data shows
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories