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HSBC to be branded with new name
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ok thanks for the info0
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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?0 -
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.0 -
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'.0
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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.0 -
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.0 -
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?0 -
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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.
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No, there is a very big pot of USD in London. They call them Eurodollars. No New York involvement is required.0
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