HSBC Holdings PLC (LON:HSBA) has finished separating its retail banking operations from the rest of the business as required under new UK ring-fencing rules.
The lender said it completed the set-up of its ring-fenced bank, HSBC UK Bank UK, on July 1 - six months ahead of the legal deadline.
The ring-fencing legislation was introduced through the UK’s Financial Services Act of 2013, with the aim of protecting retail bank customers from the impact of another financial crash.
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The largest UK banks must separate retail banking from investment banking by 1 January 2019.
HSBC said it has transferred 400,000 bank accounts to new HSBC UK sort codes. It has also rebranded all HSBC branches in the UK.
In April, Barclays PLC (LON:BARC) became the first bank to complete its ring-fencing, followed by Royal Bank of Scotland PLC (LON:RBS) shortly afterwards.
Lloyds Banking Group PLC (LON:LLOY) is yet to finish its ring-fencing.