HSBC rebrands UK arm to HSBC UK
HSBC has renamed its high street branch network to HSBC UK, after a months-long review of what to call its retail arm.
The bank consulted with staff and customers, and decided to stick with the core HSBC brand, only adding 'UK' to "ring-fence" its retail arm from its other, riskier operations. It had been thought the bank was considering bringing back the 'Midland' brand.
The HSBC UK name comes into effect from 1 January 2018, ahead of new banking rules that require ring-fencing.
The banking group's CEO, Stuart Gulliver, said: "[Setting] up the UK ring-fenced bank in Birmingham is a key strategic action for the group.
"Our ambition is to be the bank of choice in the UK and as a name, HSBC UK will build on the global connectivity and customer trust of the HSBC brand and differentiate us in a competitive market. "
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Gambling consolidation continues with £1bn Bwin deal
Online gambling firm Bwin has accepted a takeover offer from GVC Holding, marking a continued shakeout among bookies.
Bwin said it had accepted a $1.62bn (£1.06bn) offer from GVC over rival 888, after a months-long acquisition battle.
Bwin offers online poker, sports betting and bingo, and put itself up for sale last year. Though 888 was poised to seal the deal, GVC's sweeteners appear to have won over Bwin's board this week.
The news comes shortly after Paddy Power and Betfair announced their merger, though the pair insisted they would maintain a "dual brand strategy" in Europe.
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