HSBC UK Bank Plc was established to comply with the UK government new rules in place to protect the economy and taxpayers. HSBC UK Bank Plc is operating as a ring-fenced bank providing retail banking services to personal and business customers in the UK.
Due to regulatory requirements HSBC UK Bank Plc performs KYC/AML checks when establishing business relationships with a new client. While onboarding a private individual HSBC UK Bank Plc will ask him/her to provide the following documents: passport, ID card, utility bill, employment details, income details. For corporate clients HSBC UK Bank Plc will ask to provide corporate documentation as well as information about controlling persons. HSBC UK Bank Plc may request additional documentation or information depending on the case.
HSBC UK Bank Plc is the 12th largest bank in the United Kingdom in terms of total assets. In 2018 its total assets were 238,94 bln GBP, providing the bank with the market share of 2.69%. In 2018 the bank's annual profit was 763,00 mln GBP.
HSBC UK Bank Plc participates in the deposit guarantee scheme of the United Kingdom. This deposit guarantee scheme applies to current accounts, savings accounts, time deposit accounts made by private individuals, companies and covers up to up to 85,000 GBP per bank per depositor. HSBC UK Bank Plc is a member of Financial Services Compensation Scheme (FSCS) and makes its contributions into it.
HSBC UK Bank Plc is headquartered in London.
HSBC UK Bank Plc is authorized and supervised by the Financial Conduct Authority (reference number 765112).