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HSBC becomes HSBC UK in ‘radical’ rebranding
After more than а month-long review on a potential name change, the UK’s largest lender has decided to keep ‘HSBC’ in its domestic banking division brand, Finbuzz reports.
An internal staff email last week said of the change: “It soon became obvious that everyone preferred a name that maintains a strong connection to HSBC, and a clear commitment to the UK.”
HSBC, also Europe’s largest bank, announced plans to rebrand earlier this summer. The announcement had the chatting classes speculating whether or not HSBC would revive its Midland Bank brand which it acquired in 1992.
One legacy of Midland Bank that HSBC UK will adopt is location, as the 26,000 banking employees will be based in Birmingham, the former Midland Bank centre. The HSBC UK name comes into effect from 1 January 2018, and will be used at the bank’s 1000 UK branch locations.
The name change comes ahead of the new banking rule that requires lenders to ‘ring-fence’, or separate, high-street and investment banking operations. “[Setting] up the UK ring-fenced bank in Birmingham is a key strategic action for the group,” Gulliver said.
“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.”
This article originally appeared on Finbuzz.
Photo: Elliott Brown