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HSBC Greece legal ownership change

After the global economic crisis, the UK government put new rules in place to protect the economy. The rules say that UK banks holding deposits of £25bn or more need to separate their retail banking from their wholesale and investment banking businesses (this is sometimes called 'ring-fencing'). HSBC Bank plc (a UK legal entity) is consequently being restructured to comply with these rules.

As part of this change, HSBC Greece, which today is a branch of HSBC Bank plc, will become a branch of HSBC France. We aim to complete the change in January 2018.

The establishment of a new Greek branch of HSBC France is simply a legal entity change to ensure we meet the new UK banking rules, and as such should have no material changes to customers' day-to-day interactions with HSBC Greece. Direct communications to customers and other key stakeholders will be made.

HSBC France is based in Paris and supervised by the European Central Bank (ECB), as part of the Single Supervisory Mechanism (SSM), and the French Prudential Supervisory and Resolution Authority (ACPR) as the French National Competent Authority. The French Financial Markets Authority (AMF) also supervises HSBC France for the activities carried out over financial instruments or in financial markets.

In the same way as the current Greek branch of HSBC Bank plc, the new Greek branch of HSBC France will be subject also to the supervision of the Bank of Greece (BoG) and the Hellenic Capital Market Commission (HCMC).