Core subsidiary of the HSBC group. Solid capital ratios. Overweight position in corporate banking and capital markets activities, which have inherent cyclicality and complexity. Earnings fall short of the parent's expectations. Embarking on a three-year period of restructuring. S&P Global Ratings' stable outlook on HSBC Bank PLC (HBEU) mirrors that on its ultimate parent, HSBC Holdings PLC (HSBC Group). It reflects our expectation that HSBC Group will maintain robust balance sheet metrics over our two-year outlook time horizon. We could lower the ratings on HBEU if we lowered the ratings on its parent, or if our view of its group status weakens. We don't anticipate raising the ratings while the impact of COVID-19 mutes HSBC Group's earnings prospects and renders
