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HSBC to be branded with new name

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  • GTR_King
    GTR_King Posts: 1,995 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    ok thanks for the info
  • TheEffect
    TheEffect Posts: 2,293 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    MARTYM8` wrote: »
    As you say if you bank with M&S and First Direct you are banking with the HSBC Group - but they aren't called HSBC. The new branch offshoot will probably just be a separate legal entity with a new - less tarnished - name. No different from TSB or Williams and Glyn being brought back - cuddly banks we remember from our youth before the 2008 crash tarnished the industry.

    Given those over 45 are most likely to use branch based operations - and have cash - reverting them back to the old familiar Midland brand they remember would seem to be the way to go.

    So if they rename to Midland Bank, would First Direct 'part of Midland Bank' or 'HSBC Group'?

    If they were to sell the retail bank once it's been re-named and ring fenced, would First Direct and M&S be included in that, or are they separate?

    :)
  • EarthBoy
    EarthBoy Posts: 3,246 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    TheEffect wrote: »
    So if they rename to Midland Bank, would First Direct 'part of Midland Bank' or 'HSBC Group'?

    If they were to sell the retail bank once it's been re-named and ring fenced, would First Direct and M&S be included in that, or are they separate?

    :)

    There isn't likely to be any change, especialy in the case of First Direct, which doesn't legally exist as a bank in its own right. It's just a division/trading name of HSBC Bank plc, not a separate member of the group, so it would become part of Midland Bank plc (or whatever they decide to call it) just like it was before Midland Bank became HSBC.

    M&S Bank on the other hand, is a separate legal entity to HSBC Bank plc. It's a trading name of Marks & Spencer Financial Services plc., which is a wholly owned subsidiary of HSBC Bank plc. Whilst HSBC run it and provide all its systems etc, because it's registered as a separate company they could sell it off, or move it to come under the holding company rather than HSBC Bank if they chose to do so, although I dont't think that's very likely.
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    nor do i. noone knows for sure how they will arrange things, of course, but i would guess that HSBC Personal, HSBC Business, First Direct and M&S Bank will all become part of the new brand, which seems most likely to be 'Midland'.
  • Herbalus
    Herbalus Posts: 2,634 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Midland seems too regional to me. It's a geographical area. I know that Halifax have managed it (and Santander to some extend although that's foreign and perhaps 'exotic'), but it seems a bit dull. It's certainly not grand enough to be part of an international bank. I'd much rather they chose something else, but don't have any suggestions myself.

    It's not known to what extent business banking will be part of the new bank, but some of it certainly will.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TheEffect wrote: »

    If they were to sell the retail bank once it's been re-named and ring fenced, would First Direct and M&S be included in that, or are they separate?

    RBS set-up the Tesco banking operation in a 50/50 joint venture. Tesco didn't buy out RBS for 10 years. Building a new banking operation takes time.
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Herbalus wrote: »
    It's not known to what extent business banking will be part of the new bank, but some of it certainly will.

    it seems that all of HSBC Business Banking in the UK will be part of the 'new brand' bank, based in Birmingham.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    HSBC Premier is good for free money transfer between linked accounts in different countries. You only need to put £50k in one country to qualify.


    I assumed they simply keep a big pot of US$ in New York, and a big pot of sterling in London, and maybe Euros in Frankfurt.
    Your US$ account in Hong Kong and your US$ account in London are just numbers in a computer that say how much US$ they are keeping for you in New York. When you transfer between the two, no money actually moves at all, so they can do it for free.


    As a separate entity, Midland Bank will have its own US$ account, so a transfer from HSBC Premier Hong Kong will involve actual fund transfer. They will probably ration you, say four free transfers a year?
  • antrobus
    antrobus Posts: 17,386 Forumite
    Pincher wrote: »
    ...
    I assumed they simply keep a big pot of US$ in New York, and a big pot of sterling in London, and maybe Euros in Frankfurt.
    Your US$ account in Hong Kong and your US$ account in London are just numbers in a computer that say how much US$ they are keeping for you in New York. When you transfer between the two, no money actually moves at all, so they can do it for free.
    ...


    No, there is a very big pot of USD in London. They call them Eurodollars. No New York involvement is required.
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