The ratings on HSBC Bank PLC reflect the progress the bank has made since its acquisition, when its name was Midland Bank PLC, by HSBC Holdings PLC (A+/Stable/A-1) in the early 1990s. Midland Bank formally changed its legal name to HSBC Bank PLC in 1999. HSBC Bank's asset quality has greatly improved, while its position in the U.K. banking system is considerably stronger as a result of the stability and financial backing provided by its parent. In 1999, overall pretax profits were up on the depressed levels of 1998, mainly owing to improved trading conditions and growth in personal and business accounts. Although the U.K. bank's earnings remain the driving force, dealing profits will continue to contribute significantly to group
