HSBC UK
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Customization is one of the most important reasons why HSBC UK has emerged as a leader in the banking sector. With banking products such as HSBC Amanah, which they launched in mid 2003, the HSBC bank won tremendous trust with its clientele. HSBC Amanah offers home buying products in compliance with Sharia (Islamic law), which prohibits the charging and payment of interest.[br]
Similarly, there have been many other products and services that the HSBC has launched in the UK. They have managed a stronger clientele as well as indicated a better loan/deposit ratio.
HSBC UK: Innovation and UK Operations
Since its operations in the UK, the HSBC bank has acquired and introduced many new financial products.
Some of them are:
First Direct: Though launched by the Midland Bank in 1989, First Trust was acquired by HSBC in 1992. First Trust is the pioneer of telephone banking. It offers Internet banking as well. Within its first 15 years, the bank has grown as a one of UK’s most highly recommended banks.
HSBC Rail: Many people do not know but HSBC Rail is one of the three largest Rolling Stock Companies and owns around a third of the passenger locomotives. The HSBC Rail was started in 1994 as ‘Eversholt Leasing.’ Later, it was acquired by the HSBC Group.
HFC Bank: The HFC bank started as a consumer finance business in 1973 and went on to become one of UK’s largest consumer finance companies. It was acquired by the HSBC in 2003 and has continued to focus on retail finance.[br]
The HSBC group has also got into many joint ventures and contracts with other retailers such as Mark and Spencer Money and John Lewis Partnership Card.[br]
Besides these acquisitions, HSBC Bank plc has done well in terms of banking. Its volumes have continued to grow. In fact, the HSBC UK maintains its position as the bank with the biggest assets, volume-wise.
It also offers a mix of traditional and contemporary financial products such as:
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current and saving accounts
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commercial banking
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private banking
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consumer finance
The HSBC UK also started mortgage services by taking positives out from its high ‘loan and deposit’ ratio. This positive ratio has helped the HSBC UK to rope in more clientele and investors as well.
