Summary: HSBC Bank PLC

Core subsidiary of the HSBC group. Stable and diverse franchise in core markets, particularly the U.K. Strong customer deposit franchise underpins a robust funding profile. Moderate capitalization compared to the wider group. Material litigation and customer redress charges constrain internal capital generation. Sizable corporate and investment banking activity creates some earnings volatility. Standard&Poor's Ratings Services' outlook on U.K.-incorporated HSBC Bank PLC is stable, mirroring that on its parent HSBC Holdings PLC. This reflects our expectation that the HSBC group will likely maintain robust capital, asset quality, and funding and liquidity profiles. We expect that HSBC Bank will remain a "core" subsidiary of HSBC group under our criteria, and therefore any future rating actions will most likely be the

...Outlook: Stable Standard & Poor's Ratings Services' outlook on U.K.-incorporated HSBC Bank PLC is stable, mirroring that on its parent HSBC Holdings PLC. This reflects our expectation that the HSBC group will likely maintain robust capital, asset quality, and funding and liquidity profiles. We expect that HSBC Bank will remain a "core" subsidiary of HSBC group under our criteria, and therefore any future rating actions will most likely be the result of similar actions on the parent. We could lower the ratings if we no longer view HSBC group as a positive outlier in terms of its relative risk position. This could be triggered by an escalation in legal and regulatory issues, evidence of additional business complexity, or a deterioration in consolidated risk metrics. We could also lower the ratings if regulatory developments or business model changes constrain the diversification benefits we currently include in our assessment of the group's business position and risk position. A downgrade...

Summary