Core subsidiary of the HSBC group. Stable and diverse franchise in core markets, particularly the U.K. Strong customer deposit base, underpinning a robust funding profile. Material litigation and customer redress charges constrain internal capital generation. Sizable corporate and investment banking activity creates some earnings cyclicality. Standard&Poor's Ratings Services' stable outlook on U.K.-incorporated HSBC Bank PLC mirrors that on the bank's parent HSBC Holdings PLC. We classify HSBC Bank as a core subsidiary of HSBC group and therefore any future rating actions will most likely be the result of similar actions on the parent. However, a future reorganization of the bank to comply with U.K. ring-fencing regulations could change our views of its core status or potentially the creditworthiness
