Core member of the HSBC Group Good U.K. franchise; some geographic diversity Strong funding and liquidity profiles Solid capitalization Scope to improve earnings in French retail business Not the leading player in any key U.K. product line Difficult credit risk outlook U.K.-incorporated HSBC Bank PLC (HSBC Bank) is a wholly owned, direct subsidiary of HSBC Holdings PLC (the Group; AA-/Stable/A-1+), the ultimate holding company. Standard&Poor's Ratings Services regards it as a core subsidiary, evidenced by its typical one-third contribution to consolidated group earnings, and this relationship benefits the long-term counterparty credit rating on the bank by one notch to bring into line with the 'AA' rating on the Group's core operating entities. HSBC Bank has a strong business
