Core subsidiary of HSBC group. Stable and diverse franchise in core markets, particularly the U.K. Strong customer deposit base underpins a robust funding profile. Weaker and less certain economic prospects in the U.K., the bank's home market, following the Brexit vote. Material litigation and customer redress charges weigh on internal capital generation. Sizable corporate and investment banking activity creates some earnings cyclicality. S&P Global Ratings' negative outlook on U.K.-incorporated HSBC Bank PLC mirrors that on its parent HSBC Holdings PLC. We classify HSBC Bank as a core subsidiary of HSBC group (HSBC) and therefore any future rating actions will most likely be the result of similar actions on the parent. The negative outlook on HSBC Holdings reflects potential pressures over
