business

HSBC unveils new name for Birmingham-based bank

Retail and business banking arm moving to the city in 2018 will adopt a new name to distinguish it from investment section

(Image: Pic: Anita Maric/newsteam.co.uk)

HSBC has announced the name of its new ring-fenced retail and business bank which will be headquartered in Birmingham - and it will not contain the name 'Midland'.

The new bank will be called HSBC UK and based at the Arena Central development in Broad Street with staff relocating from London during 2018.

Previous reports had suggested HSBC might resurrect the 'Midland Bank' moniker - the bank was founded in Birmingham in 1836 and subsequently acquired by HSBC in 1992.

The move is being made to comply with new government legislation coming into force in 2019 which states banks must separate their investment arms from their retail and business banking operations to offer great protection to consumers.

HSBC said that, following a consultation process with retail, private and commercial banking customers and customer-facing staff, the decision was made to keep the HSBC brand and add 'UK' to distinguish the ring-fenced bank from the non-ring-fenced bank.

The new brand will be rolled out across the UK from January 1 2018, one year before ring-fencing legislation comes into effect.

Group chief executive Stuart Gulliver said: "As outlined at our Investor Update in June, setting up the UK ring-fenced bank in Birmingham is a key strategic action for the group.

"Our ambition is to be the bank of choice in the UK and, as a name, HSBC UK will build on the global connectivity and customer trust of the HSBC brand and differentiate us in a competitive market."

Pictures: HSBC's new base at 2 Arena Central

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