3rd Sep 2015 10:34
LONDON (Alliance News) - HSBC Holdings PLC is to rebrand its British branch network as HSBC UK, according to a Sky News report on Thursday.
According to Sky News, the decision may dampen suggestions the group will seek to sell the UK business as a result of new rules that require banks in the UK to ringfence their retail operations from investment banking.
The move means HSBC will not revive the Midland brand, which hasn't been used for 16 years.
According to Sky News, HSBC told staff of the decision on Thursday morning.
HSBC UK will be distinguished from the bank's non-ringfenced operations.
The Sky News report cited an internal memo and an announcement made by Chief Executive Stuart Gulliver at a town hall event in Birmingham, where the ringfenced entity will be based.
http://news.sky.com/story/1546034/hsbc-adds-uk-to-name-as-ring-fencing-looms
By Samuel Agini; [email protected]; @samuelagini
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