The ratings on U.K.-incorporated HSBC Bank PLC reflect its stand-alone credit profile, which benefits from its excellent liquidity, solid capitalization, and robust earnings. The bank's strong franchise is based upon its position as a U.K. clearing bank, albeit the smallest of the "big four" in terms of domestic assets, while its ownership of HSBC Group's continental European and private banking businesses benefit geographic and product diversity. A key strength of the bank is its comfortable liquidity profile, as indicated by its 91% loan-to-deposit ratio at year-end 2004 (it does not publish interim accounts). Asset growth has historically been modest, but a more aggressive approach to personal and commercial lending has been adopted over the past two years. This strategy, combined
