Summary: HSBC Bank PLC Jan 03

Standard & Poors, January 2003

Abstract
The ratings on HSBC Bank PLC reflect its increasing diversification, solid capitalization, high liquidity, and robust earnings capacity. The bank has made much progress since its acquisition by HSBC Holdings PLC (A+/Stable/A-1) 10 years ago, especially in the areas of asset quality, earnings, and management. The improvements have been based on the financial and business support forthcoming from the parent, as well as on the strength of the U.K. economy and the enhanced position of the banks operating within it. While earnings from retail and commercial banking in the U.K. remain the bank's driving force, dealing profits will continue to contribute significantly to its income. The solid franchise that HSBC Bank has as the principal treasury operation of the HSBC...

Companies mentioned in this report are:
- HSBC Bank PLC

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- HSBC Bank PLC

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