Summary: HSBC Bank PLC Jul 04

Standard & Poors, July 2004

Abstract
The ratings on U.K.-incorporated HSBC Bank PLC reflect its stand-alone credit profile, which benefits from its excellent liquidity, solid capitalization, and robust earnings capacity. The bank's strong franchise is based upon its position as a U.K. clearing bank, albeit the smallest of the "big four", while the acquisitions in 2000 of CCF (AA-/Stable/A-1+) and HSBC Private Banking Holdings (Suisse) S.A. (AA-/Stable/A-1+) benefited its geographic and product diversity. A key strength of the bank--and the wider HSBC Group--is its comfortable liquidity and funding profiles, as evidenced by the bank's 84% loan-to-deposit ratio at year-end 2003. Asset quality is good, and the growth of the customer loan book has been less aggressive than several U.K. peers. Statutory pretax profits have stagnated at...

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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