Brexit

Brexit[edit]

In preparation for Brexit, HSBC announced that it will be facing as much as $300 million in legal and relocation fees as it plans to relocate 1,000 staff members from London to Paris.^[110] In the second quarter of 2017, the bank had $4 million in charges for "costs associated with the U.K.'s exit from the EU".^[110] HSBC plans to move roughly one-fifth of its London-based investment bankers to its Paris offices in order to maintain a continuous access point to the European Union's single market.^[110] While its headquarters will remain in London,^[111] the staff movement is expected to avoid a loss of $1 billion of revenue after Brexit.^[112]

HSBC Bank in George Town, Penang, Malaysia

Principal subsidiaries[edit]

HSBC Bank in Colombo Fort, Sri Lanka

These are HSBC's subsidiaries worldwide:^[113]

Asia Pacific

• HSBC Armenia
• HSBC Bangladesh
• HSBC Bank Australia
• HSBC Bank India
• HSBC Bank Indonesia
• The Hongkong and Shanghai Banking Corporation
  • Hang Seng Bank
  • HSBC China
• HSBC Bank Malaysia
• HSBC Bank Philippines
• HSBC Bank Vietnam
• HSBC Korea (Only commercial banking) (HSBC Korea withdrew consumer retail banking from South Korea in 2013)
• HSBC Singapore
• HSBC Sri Lanka
• HSBC Taiwan

HSBC ceased retail banking operations in Thailand and Japan in 2012.^[114] HSBC entered Brunei in 1947 but commenced winding down its operations in April 2016 citing the bank's optimisation of its global network and reduced complexity.^[115][116] As of 2019, HSBC stopped offering Amanah (a retail banking product and service in compliance with the Islamic Shari'ah laws) in Bahrain, Bangladesh, Indonesia, Singapore and the UAE following a strategic review of its global Islamic Finance businesses, while the bank continues on offering the same Shari'ah compliant products and services in Malaysia and in Saudi Arabia.^[117][118]

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