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 profile, being well diversified by business line, led by a good franchise in the U.K. and additionally owns the majority of the Group's continental European banking operations and international private banking activities. Its financial profile is also healthy, benefiting in particular
