HSBC is moving two of its European subsidiaries to HSBC France from the UK. HSBC branches will also be making a move.
The lender’s arms from Poland and Ireland, as well as branches from seven other countries, are being shifted ahead of Brexit.
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In addition, HSBC branches from Belgium, the Czech Republic, Ireland, Italy, Luxembourg, the Netherlands, and Spain will move to France.
All entities and activities that are making the shift had a combined profit before tax of $203m (€168m) in 2017. They also held a total balance sheet of $15.1bn at 31 December 2017.
According to a report from HSBC: “As political and regulatory change in Europe continues, it is important that HSBC organises its business in a way that supports its pan-European proposition for customers.”
The moves will be complete by the first quarter of 2019.
On the other hand, HSBC branches in the UK remain stable, even as other banks still reduce their network.
However, since 2015, HSBC is one of the banks to close the most branches, according to Which?. The international lender closed 440 branches, second only to NatWest with 638. HSBC has a long history of axing branches.
