HSBC Holdings PLC transferred ownership control of its Irish and Polish subsidiaries to HSBC France SA from London-based entity HSBC Bank PLC "as political and regulatory change in Europe continues."
HSBC France said in an Aug. 6 statement that HSBC Polska Bank SA, a direct unit of HSBC Bank PLC, and HSBC Institutional Trust Services (Ireland) DAC, an indirect unit, were transferred as of Aug. 1. Control of operations in Belgium, the Czech Republic, Ireland, Italy, Luxembourg, the Netherlands and Spain will be shifted during the first quarter of 2019.
The businesses serve global banking and markets and commercial banking customers, and the businesses in Ireland and Luxembourg also provide securities services to fund and corporate customers. The statement made no specific reference to the U.K.'s EU departure, but HSBC has said it intends to use its French unit as an EU hub after Brexit.
HSBC Holdings CEO John Flint told Reuters on Aug. 6 that none of the roughly 1,000 London-based staff expected to relocate to Paris because of Brexit has been shifted yet.