HSBC HSBC Holdings PLC

   By Oliver Griffin 
 

HSBC Holdings PLC (HSBA.LN) said Friday that the High Court in the U.K. has approved the transfer of businesses and customer accounts from HSBC Bank PLC to HSBC UK, its ring-fenced banking business.

The ring-fencing transfer scheme, which affects banks, was introduced in the U.K. to protect consumers and day-to-day banking from unrelated risks from other parts of banks' businesses.

HSBC said the transfer will become effective from July 1 when HSBC UK will begin operating as a separate bank, six months ahead of the legal deadline for ring-fencing.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

May 25, 2018 10:51 ET (14:51 GMT)

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