HSBC has unveiled plans to rebrand its British retail banking unit as part of the move to separate the business from the group’s other operations to comply with the UK ring-fencing regulations.
HSBC CEO Stuart Gulliver said: "We will operate with a different brand name. We haven’t decided what that brand name will be and we’re going to consult customers and our own staff over the next few months to decide what we might call this bank."
However, the global entity, which operates in dozens of countries and provides banking services, will retain the HSBC brand.
As a part of major restructuring, HSBC will close roughly 12% of its branches, spread across the bank’s top seven markets and cut as many as 8,000 jobs in the UK.
The bank may even consider selling the ring-fenced retail bank depending on the implementation of regulations, Gulliver revealed while presenting a strategy update for the bank.
Gulliver added: "The question for us will be around our ability to control the dividend coming from the ring-fenced bank and to make sure that the strategy of the ring-fenced bank is complimentary to the strategy of the group."