The SACP above reflects HSBC Bank PLC's unsupported group credit profile (UGCP). We rate HSBC Bank PLC as a core subsidiary of HSBC group (HSBC). Therefore, HSBC Bank's UGCP does not directly determine its ratings. Rather, we equalize its long-term issuer credit rating with HSBC's 'aa-' group credit profile, which includes one notch in respect of additional loss-absorbing capacity (ALAC). The bank's holding company is HSBC Holdings PLC. Core subsidiary of the HSBC group. Stable and diverse franchise in core markets, particularly the U.K. Strong customer deposit base underpins a robust funding profile. Less certain economic prospects in the U.K., the bank's home market, following the Brexit vote. Sizable corporate and investment banking activity due to the bank's position as
