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Change of Ownership of HSBC Bank plc European Branches, Operations and Subsidiaries

As political and regulatory change in Europe continues, it is important that HSBC organises its business in a way that supports its pan-European proposition for customers. To achieve this, HSBC France:

    - Acquired on 1 August 2018 two European subsidiaries, HSBC Polska Bank SA in Poland and HSBC Institutional Trust Services (Ireland) DAC in Ireland, direct and indirect subsidiaries of HSBC Bank plc respectively;

    - Will acquire the activities of seven European branches (in Belgium, the Czech Republic, Ireland, Italy, Luxembourg, the Netherlands and Spain) from HSBC Bank plc. The acquisition of these activities is expected to be completed during the first quarter of 2019.

These HSBC businesses currently service both Global Banking and Markets and Commercial Banking customers. In particular, HSBC businesses in Ireland and Luxembourg provide securities services to fund and corporate customers.

These changes have been and will be approved by the appropriate supervisory authorities and the relevant Boards of Directors.

All entities and activities acquired and to be acquired had a combined profit before tax of US$203m (EUR168m) in 2017, and a total balance sheet of US$15.1bn (EUR13.0bn) at 31 December 2017.

HSBC France is a 99.99% subsidiary of HSBC Bank plc. This restructuring, internal to HSBC Bank plc, will not impact the capital ratios of HSBC France.

HSBC profits and revenue rise due to strong Asia performance despite Trump trade war fears
HSBC to move seven offices from London to Paris amid Brexit uncertainty | France24 |
Brexit Record: Banking

by Oui on Tue Aug 14th, 2018 at 10:56:55 AM EST
Barclays issued a similar "acquisition" story between Barclays Ireland and several UK "subsidiaries" which do no retail banking.

I am slightly disappointed that the EU "passport" fee structure has collapsed without even a whimper.

Diversity is the key to economic and political evolution.

by Cat on Tue Aug 14th, 2018 at 12:45:46 PM EST
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Here you go: Barclays shifting ownership of European branches to Irish unit ahead of Brexit - sources

(GAAP is an annoying subject for those of us straddling the UK-USA fence these many years, but I do detect a change in the farce: the locution "indirect and direct" ownership, formerly known as controlling interest measured in shares held by persons, either natural or "institutional," ie. corporate. Regardless of private, public, or consolidated reporting status of a gov-regulated "entity" (database engineering or religious mystic data type definition lingo), in the USA ≥10% outstanding, in the EU (airline only?) ≥50% outstanding, in the UK ... wtf.)

Diversity is the key to economic and political evolution.

by Cat on Tue Aug 14th, 2018 at 01:46:06 PM EST
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FYI: Elon Musk controls 20% of TSLA shares outstanding. He is in a bit of bother with the SEC and TSLA investors (formerly short sellers) since he launched his capital raising (LBO) scheme last week (by tweet) claiming he had secured financing with a KSA sovereign fund.

Diversity is the key to economic and political evolution.
by Cat on Tue Aug 14th, 2018 at 01:52:34 PM EST
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