v3.25.4
Investments in subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2025
Interests In Other Entities [Abstract]  
Investments in subsidiaries
Main subsidiaries of HSBC Holdings1
At 31 Dec 2025
Place of
incorporation or
registration
HSBC’s
interest %
Share class
Europe
HSBC Bank plc
England and Wales
100
£1 Ordinary, $0.01 Non-Cumulative Third Dollar
Preference
HSBC UK Bank plc
England and Wales
100
£1 Ordinary
HSBC Continental Europe
France
99.99
€5 Actions
Asia
Hang Seng Bank Limited2,3
Hong Kong
63.43
HK$5 Ordinary
HSBC Bank (China) Company Limited4
People’s Republic of
China
100
CNY1 Ordinary
HSBC Bank Malaysia Berhad
Malaysia
100
Ordinary no par value
HSBC Life (International) Limited
Bermuda
100
HK$1 Ordinary
The Hongkong and Shanghai Banking Corporation Limited
Hong Kong
100
Ordinary no par value
Middle East, North Africa and Türkiye
HSBC Bank Middle East Limited
United Arab Emirates
100
$1 Ordinary and $1 Preference shares
North America
HSBC Bank USA, N.A.
US
100
$100 Common and $0.01 Preference
Latin America
HSBC Mexico, S.A., Institución de Banca Múltiple,
Grupo Financiero HSBC
Mexico
99.99
MXN2 Ordinary
1Main subsidiaries are either held directly or indirectly via intermediate holding companies. There has been no material percentage change in HSBC’s
shareholding for its existing main subsidiaries since 2024.
2In addition to the strategic holding disclosed above, the Group held 0.07% (2024: 0.06%) shareholding as part of its trading books.
3Based on the latest corporate substantial shareholding notice filed with Hong Kong Exchange and Clearing Limited on 21 June 2024, the Group’s shareholding in
Hang Seng Bank on 18 June 2024 was 63.04%. Movements in our shareholding since 18 June 2024 are reflected in the above table. Hang Seng Bank became a
wholly owned subsidiary of the Group following the completion of the privatisation on 26 January 2026. See Note 37 for further details.
4Represents a wholly foreign owned limited liability company registered under the laws of People’s Republic of China.
Subsidiaries with significant non-controlling interests
2025
2024
Hang Seng Bank Limited
Proportion of ownership interests and voting rights held by non-controlling interests (%)1
36.57
36.88
Place of business
Hong Kong
Hong Kong
$m
$m
Profit attributable to non-controlling interests
770
905
Accumulated non-controlling interests of the subsidiary
7,001
6,879
Dividends paid to non-controlling interests
627
620
Summarised financial information:
–  total assets
231,786
229,069
–  total liabilities
211,124
208,908
–  net operating income before changes in expected credit losses and other credit impairment charges
5,336
5,249
–  profit for the year
2,097
2,434
–  total comprehensive income for the year
2,509
2,482
1This includes the Group’s shareholding held under trading books 0.07% (2024: 0.06%).
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
AI Nominees (UK) One Limited
100.00
11
AI Nominees (UK) Two Limited
100.00
11
Almacenadora Banpacifico S.A. (In
Liquidation)
N/A
1, 12
Assetfinance December (F) Limited
100.00
13
Assetfinance December (H) Limited (In
Liquidation)
100.00
14
Assetfinance December (P) Limited
100.00
11
Assetfinance December (R) Limited (In
Liquidation)
100.00
14
Assetfinance June (A) Limited
100.00
11
Assetfinance June (D) Limited (In Liquidation)
100.00
14
Assetfinance March (B) Limited
100.00
15
Assetfinance March (D) Limited
100.00
13
Assetfinance March (F) Limited (In
Liquidation)
100.00
14
Assetfinance September (F) Limited
100.00
11
Assetfinance September (G) Limited (In
Liquidation)
100.00
14
B&Q Financial Services Limited (In
Liquidation)
100.00
14
Banco HSBC S.A.
100.00
16
Banco Nominees (Guernsey) Limited
100.00
17
Banco Nominees 2 (Guernsey) Limited
100.00
17
Banco Nominees Limited
100.00
18
Beau Soleil Limited Partnership
N/A
1, 19
Beijing HSBC Real Estate Leasing Company
Limited
N/A
1, 10, 20
Beijing Miyun HSBC Rural Bank Company
Limited
N/A
1, 10, 21
BentallGreenOak China Real Estate
Investments, L.P.
N/A
1, 22
Canada Square Nominees (UK) Limited
100.00
11
Capco/Cove, Inc.
100.00
23
Card-Flo #3, Inc.
100.00
24
CCF & Partners Asset Management Limited
(In Liquidation)
100.00
(99.99)
14
CCF Holding (Liban) S.A.L. (In Liquidation)
74.99
2, 25
Charterhouse Administrators (D.T.) Limited
100.00
(99.99)
11
Charterhouse Management Services Limited
100.00
(99.99)
11
Charterhouse Pensions Limited
100.00
11
Chongqing Dazu HSBC Rural Bank Company
Limited
N/A
1, 10, 26
Chongqing Fengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 27
Chongqing Rongchang HSBC Rural Bank
Company Limited (In Liquidation)
N/A
1, 10, 28
COIF Nominees (UK) Two Limited
100.00
11
COIF Nominees Limited
N/A
1, 11
Corsair IV Financial Services Capital Partners -
B L.P
N/A
1, 29
Dalian Pulandian HSBC Rural Bank Company
Limited
N/A
1, 10, 30
Decision One Mortgage Company, LLC
N/A
1, 31
Desarrollo Turistico, S.A. de C.V. (In
Liquidation)
100.00
(99.99)
12
Electronic Data Process México, S.A. de C.V.
100.00
32
Eton Corporate Services Limited
100.00
17
Flandres Contentieux S.A.
100.00
(99.99)
5, 33
Foncière Elysées
100.00
(99.99)
5, 33
Fujian Yongan HSBC Rural Bank Company
Limited
N/A
1, 10, 34
Fulcher Enterprises Company Limited (In
Liquidation)
100.00
(63.43)
35
Fundacion HSBC, A.C.
100.00
(99.99)
2, 8, 12
Giller Ltd.
100.00
23
Griffin International Limited (In Liquidation)
100.00
14
Grupo Financiero HSBC, S. A. de C. V.
99.99
12
Guangdong Enping HSBC Rural Bank
Company Limited
N/A
1, 10, 36
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
Guangzhou HSBC Real Estate Company Ltd
N/A
1, 10, 37
Hang Seng (Nominee) Limited
100.00
(63.43)
38
Hang Seng Bank (China) Limited
N/A
1, 10, 39
Hang Seng Bank (Trustee) Limited
100.00
(63.43)
38
Hang Seng Bank Limited
63.43
38
Hang Seng Bullion Company Limited
100.00
(63.43)
38
Hang Seng Credit Limited (In Liquidation)
100.00
(63.43)
35
Hang Seng Data Services Limited
100.00
(63.43)
38
Hang Seng Finance Limited
100.00
(63.43)
38
Hang Seng Financial Information Limited
100.00
(63.43)
38
Hang Seng Indexes (Netherlands) B.V.
100.00
(63.43)
40
Hang Seng Indexes Company Limited
100.00
(63.43)
38
Hang Seng Insurance Company Limited
100.00
(63.43)
38
Hang Seng Investment Management Limited
100.00
(63.43)
38
Hang Seng Investment Services Limited
100.00
(63.43)
38
Hang Seng Qianhai Fund Management
Company Limited
N/A
1, 10, 41
Hang Seng Real Estate Management Limited
100.00
(63.43)
38
Hang Seng Securities Limited
100.00
(63.43)
38
Hang Seng Security Management Limited
100.00
(63.43)
38
HASE Wealth Limited
100.00
(63.43)
38
Haseba Investment Company Limited
100.00
(63.43)
38
HBPH Corporation (In Liquidation)
99.99
42
HFC Bank Limited (In Liquidation)
100.00
43
High Time Investments Limited
100.00
(63.43)
38
HLF
100.00
(99.99)
5, 33
Honey Blue Enterprises Limited
100.00
19
Honey Green Enterprises Ltd.
100.00
44
Honey Grey Enterprises Limited
100.00
19
Honey Silver Enterprises Limited
100.00
19
Household International Europe Limited (In
Liquidation)
100.00
43
Household Pooling Corporation
100.00
45
Housing (USA) Inc.
100.00
24
HSBC (BGF) Investments Limited
100.00
11
HSBC (Kuala Lumpur) Nominees Sdn Bhd
100.00
46
HSBC (Malaysia) Trustee Berhad
100.00
47
HSBC (Singapore) Nominees Pte Ltd
100.00
48
HSBC Agency (India) Private Limited
100.00
49
HSBC Amanah Malaysia Berhad
100.00
46
HSBC Americas Corporation (Delaware)
100.00
24
HSBC Asia Holdings B.V.
100.00
11
HSBC Asia Holdings Limited
100.00
3, 19
HSBC Asia Pacific Holdings (UK) Limited
100.00
6, 11
HSBC Asset Finance (UK) Limited
100.00
11
HSBC Asset Finance M.O.G. Holdings (UK)
Limited
100.00
11
HSBC Australia Holdings Pty Limited
100.00
4, 6, 52
HSBC BANK (CHILE)
100.00
53
HSBC Bank (China) Company Limited
N/A
1, 10, 54
HSBC Bank (General Partner) Limited
100.00
55
HSBC Bank (Mauritius) Limited
100.00
56
HSBC Bank (Singapore) Limited
100.00
48
HSBC Bank (Taiwan) Limited
100.00
57
HSBC Bank (Uruguay) S.A.
100.00
58
HSBC Bank (Vietnam) Ltd.
100.00
59
HSBC Bank A.S.
100.00
60
HSBC Bank Australia Limited
100.00
52
HSBC Bank Bermuda Limited
100.00
18
HSBC Bank Capital Funding (Sterling 1) LP
N/A
1, 55
HSBC Bank Egypt S.A.E
94.54
61
HSBC Bank Malaysia Berhad
100.00
4, 46
HSBC Bank Malta p.l.c.
70.03
62
HSBC Bank Middle East Limited
100.00
4, 63
HSBC Bank Pension Trust (UK) Limited
100.00
11
HSBC Bank plc
100.00
3, 4, 11
HSBC Bank USA, National Association
100.00
4, 64
HSBC Branch Nominee (UK) Limited
100.00
13
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Brasil Holding S.A.
100.00
16
HSBC Broking Forex (Asia) Limited
100.00
19
HSBC Broking Futures (Asia) Limited
100.00
19
HSBC Broking Futures (Hong Kong) Limited
100.00
19
HSBC Broking Securities (Asia) Limited
100.00
19
HSBC Broking Securities (Hong Kong) Limited
100.00
19
HSBC Broking Services (Asia) Limited
100.00
19
HSBC Capital (USA), Inc.
100.00
24
HSBC Card Services Inc.
100.00
24
HSBC Casa de Bolsa, S.A. de C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC Cayman Limited (In Liquidation)
100.00
65
HSBC Cayman Services Limited
100.00
65
HSBC Client Holdings Nominee (UK) Limited
100.00
11
HSBC Client Nominee (Jersey) Limited
100.00
2, 66
HSBC Continental Europe
99.99
5, 33
HSBC Corporate Advisory (Malaysia) Sdn Bhd
100.00
46
HSBC Corporate Finance (Hong Kong) Limited
100.00
19
HSBC Corporate Secretary (UK) Limited
100.00
3, 11
HSBC Corporate Services (Shanghai) Co., Ltd.
N/A
1, 10, 67
HSBC Corporate Trustee Company (UK)
Limited
100.00
11
HSBC Custody Nominees (Australia) Limited
100.00
52
HSBC Custody Services (Guernsey) Limited
100.00
17
HSBC Electronic Data Processing
(Guangdong) Limited
N/A
1, 10, 69
HSBC Electronic Data Processing (Malaysia)
Sdn Bhd
100.00
70
HSBC Electronic Data Processing
(Philippines), Inc.
99.99
71
HSBC Electronic Data Processing India
Private Limited
100.00
72
HSBC Electronic Data Processing Lanka
(Private) Limited
100.00
73
HSBC Electronic Data Service Delivery
(Egypt) S.A.E
100.00
74
HSBC Equipment Finance (UK) Limited
100.00
13
HSBC Equity (UK) Limited (In Liquidation)
100.00
14
HSBC Europe B.V.
100.00
11
HSBC Express Finance Data Services Limited
100.00
19
HSBC Factoring (France)
100.00
(99.99)
5, 33
HSBC Finance (Netherlands)
100.00
3, 11
HSBC Finance Corporation
100.00
24
HSBC Finance Limited (In Liquidation)
100.00
14
HSBC Finance Transformation (UK) Limited
100.00
11
HSBC Financial Advisors Singapore Pte. Ltd.
100.00
2, 48
HSBC Financial Services (Lebanon) S.A.L (In
Liquidation)
99.83
75
HSBC FinTech Services (Shanghai) Company
Limited
N/A
1, 10, 76
HSBC Global Custody Nominee (UK) Limited
100.00
11
HSBC Global Custody Proprietary Nominee
(UK) Limited
100.00
11
HSBC Global Services (Canada) Limited
100.00
85
HSBC Global Services (China) Holdings
Limited
100.00
11
HSBC Global Services (Hong Kong) Limited
100.00
19
HSBC Global Services (UK) Limited
100.00
11
HSBC Global Services Limited
100.00
3, 11
HSBC Group Management Services Limited
100.00
11
HSBC Group Nominees UK Limited
100.00
3, 11
HSBC Holdings B.V.
100.00
11
HSBC Innovation Bank Limited
100.00
87
HSBC Institutional Trust Services (Asia)
Limited
100.00
19
HSBC Institutional Trust Services (Bermuda)
Limited
100.00
18
HSBC Institutional Trust Services (Mauritius)
Limited
100.00
88
HSBC Institutional Trust Services (Singapore)
Limited
100.00
48
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Insurance (Asia) Limited
100.00
89
HSBC Insurance (Asia-Pacific) Holdings
Limited
100.00
79
HSBC Insurance (Bermuda) Limited
100.00
18
HSBC Insurance Agency (USA) Inc.
100.00
90
HSBC Insurance Brokerage Company Limited
N/A
1, 10, 91
HSBC Insurance Brokers Greater China
Limited
100.00
79
HSBC Insurance SAC 1 (Bermuda) Limited
100.00
18
HSBC Insurance SAC 2 (Bermuda) Limited
100.00
18
HSBC International Finance Corporation
(Delaware)
100.00
92
HSBC International Trustee (BVI) Limited
100.00
9, 93
HSBC International Trustee (Holdings) Pte.
Limited
100.00
48
HSBC International Trustee Limited
100.00
94
HSBC Inversiones S.A.
100.00
53
HSBC InvestDirect (India) Private Limited
99.99
50
HSBC InvestDirect Financial Services (India)
Limited
99.99
50
HSBC InvestDirect Sales & Marketing (India)
Private Limited
98.99
(98.98)
49
HSBC InvestDirect Securities (India) Private
Limited
99.99
50
HSBC Investment and Insurance Brokerage,
Philippines Inc.
99.99
95
HSBC Investment Bank Holdings B.V.
100.00
11
HSBC Investment Bank Holdings Limited
100.00
11
HSBC Investment Company Limited
100.00
3, 11
HSBC Invoice Finance (UK) Limited
100.00
13
HSBC Issuer Services Common Depositary
Nominee (UK) Limited
100.00
11
HSBC Latin America B.V.
100.00
11
HSBC Latin America Holdings (UK) Limited
100.00
3, 11
HSBC Leasing (Asia) Limited
100.00
19
HSBC Life (Bermuda) Limited
100.00
18
HSBC Life (Cornell Centre) Limited
100.00
89
HSBC Life (Edwick Centre) Limited
100.00
89
HSBC Life (International) Limited
100.00
18
HSBC Life (Property) Limited
100.00
89
HSBC Life (Singapore) Pte. Ltd.
100.00
48
HSBC Life (Tsing Yi Industrial) Limited
100.00
89
HSBC Life (UK) Limited
100.00
11
HSBC Life (Workshop) Limited
100.00
89
HSBC Life Assurance (Malta) Ltd.
100.00
(70.03)
80
HSBC Life Insurance Company Limited
N/A
1, 10, 97
HSBC LU Nominees Limited
100.00
11
HSBC Markets (USA) Inc.
100.00
24
HSBC Marking Name Nominee (UK) Limited
100.00
11
HSBC Master Trust Trustee Limited (In
Liquidation)
100.00
14
HSBC Mexico, S.A., Institucion de Banca
Multiple, Grupo Financiero HSBC
99.99
12
HSBC Middle East Asset CO. LLC
100.00
100
HSBC Middle East Holdings B.V.
100.00
3, 4, 63
HSBC Middle East Leasing Partnership
N/A
1, 101
HSBC Middle East Securities L.L.C (In
Liquidation)
100.00
102
HSBC Mortgage Corporation (USA)
100.00
24
HSBC Nominees (Asing) Sdn Bhd
100.00
46
HSBC Nominees (Hong Kong) Limited
100.00
19
HSBC Nominees (New Zealand) Limited
100.00
103
HSBC Nominees (Tempatan) Sdn Bhd
100.00
46
HSBC North America Holdings Inc.
100.00
4, 24
HSBC Overseas Holdings (UK) Limited
100.00
3, 11
HSBC Overseas Investments Corporation
(New York)
100.00
104
HSBC Overseas Nominee (UK) Limited
100.00
11
HSBC PB Corporate Services 1 Limited
100.00
105
HSBC PB Services (Suisse) SA
100.00
106
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Pension Trust (Ireland) DAC (In
Liquidation)
100.00
107
HSBC Pensiones, S.A. (In Liquidation)
100.00
(99.99)
12
HSBC PI Holdings (Mauritius) Limited
100.00
88
HSBC Preferential LP (UK)
100.00
11
HSBC Private Bank (Luxembourg) S.A.
100.00
(99.99)
96
HSBC Private Bank (Suisse) SA
100.00
106
HSBC Private Bank (UK) Limited
100.00
11
HSBC Private Banking Holdings (Suisse) SA
100.00
106
HSBC Private Banking Nominee 3 (Jersey)
Limited
100.00
105
HSBC Private Equity Investments (UK)
Limited
100.00
11
HSBC Private Markets Management SARL
N/A
1, 2, 108
HSBC Private Trustee (Hong Kong) Limited
100.00
19
HSBC Professional Services (India) Private
Limited
100.00
109
HSBC Property (UK) Limited
100.00
11
HSBC Property Funds (Holding) Limited
100.00
11
HSBC Provident Fund Trustee (Hong Kong)
Limited
100.00
19
HSBC Qianhai Securities Limited
N/A
1, 10, 110
HSBC Real Estate Leasing (France)
100.00
(99.99)
5, 33
HSBC REGIO Fund General Partner S.à r.l.
100.00
86
HSBC Retirement Benefits Trustee (UK)
Limited
100.00
3, 11
HSBC Retirement Services Limited (In
Liquidation)
100.00
2, 14
HSBC Saudi Arabia, Closed Joint Stock
Company
100.00
(66.19)
111
HSBC Securities (Egypt) S.A.E. (In
Liquidation)
100.00
(94.65)
112
HSBC Securities (Japan) Co., Ltd.
100.00
51
HSBC Securities (Singapore) Pte Limited
100.00
48
HSBC Securities (South Africa) (Pty) Limited
100.00
113
HSBC Securities (Taiwan) Corporation Limited
100.00
57
HSBC Securities (USA) Inc.
100.00
24
HSBC Securities and Capital Markets (India)
Private Limited
99.99
6, 49
HSBC Securities Brokers (Asia) Limited
100.00
19
HSBC Securities Investments (Asia) Limited
100.00
19
HSBC Securities Services (Bermuda) Limited
100.00
18
HSBC Securities Services (Guernsey) Limited
100.00
17
HSBC Securities Services (Ireland) DAC
100.00
107
HSBC Securities Services (Luxembourg) S.A.
100.00
96
HSBC Securities Services Holdings (Ireland)
DAC
100.00
107
HSBC Securities Services Nominees Limited
100.00
19
HSBC Seguros, S.A de C.V., Grupo Financiero
HSBC
100.00
(99.99)
12
HSBC Semfi Limited
75.00
11
HSBC Service Company Germany GmbH
100.00
(99.99)
7, 77
HSBC Service Delivery (Polska) Sp. z o.o.
100.00
114
HSBC Services (France)
100.00
(99.99)
5, 33
HSBC Services Japan Limited
100.00
84
HSBC Services USA Inc.
100.00
115
HSBC Servicios Financieros, S.A. de C.V
100.00
(99.99)
12
HSBC Servicios, S.A. DE C.V., Grupo
Financiero HSBC
100.00
(99.99)
12
HSBC SFT (C.I.) Limited
100.00
17
HSBC Software Development (Guangdong)
Limited
N/A
1, 10, 116
HSBC Software Development (India) Private
Limited
100.00
117
HSBC Software Development (Malaysia) Sdn
Bhd
100.00
70
HSBC Specialist Investments Limited
100.00
11
HSBC Technology & Services (USA) Inc.
100.00
24
HSBC Transaction Services GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt (International)
S.A.
100.00
(99.99)
96
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
HSBC Trinkaus & Burkhardt Gesellschaft fur
Bankbeteiligungen mbH
100.00
(99.99)
7, 77
HSBC Trinkaus & Burkhardt GmbH
100.00
(99.99)
7, 77
HSBC Trinkaus Real Estate GmbH
100.00
(99.99)
7, 77
HSBC Trust Company (Delaware), National
Association
100.00
92
HSBC Trustee (C.I.) Limited
100.00
105
HSBC Trustee (Cayman) Limited
100.00
65
HSBC Trustee (Guernsey) Limited
100.00
17
HSBC Trustee (Hong Kong) Limited
100.00
19
HSBC Trustee (Singapore) Limited
100.00
48
HSBC UK Bank plc
100.00
3, 13
HSBC UK Client Nominee Limited
100.00
13
HSBC UK Covered Bonds LLP
N/A
1, 13
HSBC UK Societal Projects Limited (In
Dissolution)
N/A
1, 13
HSBC USA Inc.
100.00
4, 104
HSBC Ventures USA Inc.
100.00
24
HSBC Violet Investments (Mauritius) Limited
100.00
118
HSBC Wealth Client Nominee Limited
100.00
13
HSBC Yatirim Menkul Degerler A.S.
100.00
60
HSI Asset Securitization Corporation
100.00
24
HSI International Limited
100.00
(63.43)
38
HSIL Investments Limited
100.00
11
Hubei Macheng HSBC Rural Bank Company
Limited
N/A
1, 10, 119
Hubei Suizhou Cengdu HSBC Rural Bank
Company Limited
N/A
1, 10, 120
Hubei Tianmen HSBC Rural Bank Company
Limited
N/A
1, 10, 121
Hunan Pingjiang HSBC Rural Bank Company
Limited
N/A
1, 10, 122
Imenson Limited
100.00
(63.43)
38
Inmobiliaria Bisa, S.A. de C.V.
99.99
(99.98)
12
Inmobiliaria Grufin, S.A. de C.V.
100.00
(99.99)
12
Inmobiliaria Guatusi, S.A. de C.V.
100.00
(99.99)
12
Internationale Kapitalanlagegesellschaft mit
beschränkter Haftung
100.00
(99.99)
7, 77
James Capel (Nominees) Limited
100.00
11
James Capel (Taiwan) Nominees Limited
100.00
11
Keyser Ullmann Limited
100.00
(99.99)
11
Lion Corporate Services Limited
100.00
19
Lion International Corporate Services Limited
100.00
94
Lion International Management Limited
100.00
94
Lion Management (Hong Kong) Limited
100.00
19
Lyndholme Limited
100.00
19
Marks and Spencer Financial Services plc
100.00
123
Marks and Spencer Unit Trust Management
Limited
100.00
123
Midcorp Limited (In Liquidation)
100.00
14
Midland Bank (Branch Nominees) Limited
100.00
13
Midland Nominees Limited
100.00
13
MP Payments Group Limited
100.00
11
MP Payments Middle East AE L.L.C. (In
Liquidation)
100.00
124
MP Payments Operations Limited
100.00
11
MP Payments Singapore Pte. Ltd. (In
Liquidation)
100.00
48
MP Payments UK Limited
100.00
11
Prudential Client HSBC GIS Nominee (UK)
Limited
100.00
11
PT Bank HSBC Indonesia
98.94
125
PT HSBC Sekuritas Indonesia
99.00
126
R/CLIP Corp.
100.00
24
Real Estate Collateral Management Company
100.00
24
Republic Nominees Limited
100.00
17
RLUKREF Nominees (UK) One Limited
100.00
11
RLUKREF Nominees (UK) Two Limited
100.00
11
S.A.P.C. - Ufipro Recouvrement
99.99
8, 33
Saf Baiyun
100.00
(99.99)
5, 33
Saf Guangzhou
100.00
(99.99)
5, 33
Subsidiaries
% of share class
held by immediate
parent company (or
by the Group where
this varies)
Footnotes
SFM
100.00
(99.99)
5, 33
SFSS Nominees (Pty) Limited
100.00
113
Shandong Rongcheng HSBC Rural Bank
Company Limited
N/A
1, 10, 127
Shenzhen HSBC Development Company Ltd
N/A
1, 10, 128
Sico Limited
100.00
129
SNC Les Oliviers D'Antibes
60.00
(59.99)
8, 78
SNCB/M6-2007 A
100.00
(99.99)
2, 5, 33
SNCB/M6-2007 B
100.00
(99.99)
2, 5, 33
SNCB/M6-2008 A
100.00
(99.99)
2, 5, 33
Société Française et Suisse
100.00
(99.99)
5, 33
Somers Dublin DAC
100.00
(99.99)
107
Somers Nominees (Far East) Limited
100.00
18
Sopingest
100.00
(99.99)
2, 5, 33
St Cross Trustees Limited
100.00
13
Sun Hung Kai Development (Lujiazui III)
Limited
N/A
1, 10, 134
The Hongkong and Shanghai Banking
Corporation Limited
100.00
19
Tooley Street View Limited
100.00
3, 11
Trinkaus Europa Immobilien-Fonds Nr.3
Objekt Utrecht Verwaltungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds
Geschaeftsfuehrungs-GmbH
100.00
(99.99)
7, 77
Trinkaus Immobilien-Fonds Verwaltungs-
GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Management GmbH
100.00
(99.99)
7, 77
Trinkaus Private Equity Verwaltungs GmbH
100.00
(99.99)
7, 77
Turnsonic (Nominees) Limited
100.00
13
Valeurs Mobilières Elysées
100.00
(99.99)
5, 33
WARDLEY LIMITED
100.00
19
Wayfoong (Asia) Limited
100.00
79
Wayfoong Nominees Limited
100.00
19
Westminster House, LLC
N/A
1, 24
Woodex Limited
100.00
18
Yan Nin Development Company Limited
100.00
(63.43)
38
Impairment test results
Impairment test results
Investments
Recoverable
amount
Discount
rate
Long-term
growth rate
$m
%
%
HSBC North America Holdings Inc.
At 31 Dec 2025
16,016
10.91
2.30
At 31 Dec 2024
13,264
11.00
2.25
Sensitivity of VIU to reasonably possible changes in key assumptions The following table illustrates the impact on the carrying amount of reasonably possible changes to key assumptions used in the VIU calculation.
This reflects the sensitivity of each key assumption on its own and it is possible that more than one favourable and/or unfavourable change may
occur at the same time. The selected rates of reasonably possible changes to key assumptions are based on external analysts’ forecasts, statutory
requirements and other relevant external data sources, which can change period to period. Unless specified, favourable and unfavourable changes
are consistently applied throughout short-to-medium and long-term forecast years, based on a straight-line average of the base case assumption.
Sensitivity of the carrying amount to the key VIU assumptions
Favourable change
Unfavourable change
Reversal of impairment/
VIU headroom
Impairment
bps
$bn
bps
$bn
At 31 Dec 2025
Long-term profit growth rate
30
2.1
(104)
(6.0)
Long-term asset growth rate
(129)
9.1
5
(0.5)
Discount rate
(98)
4.6
232
(5.5)
Expected credit losses as a percentage of loans and advances to
customers1
2025 to 2029: 64
2030 onwards: 84
1.8
2025 to 2029: 90
2030 onwards: 98
(4.7)
Risk-weighted assets as a percentage of total assets
(184)
0.8
182
(1.7)
Loans and advances to customers growth rate
(138)
1.8
455
(7.1)
Operating income growth rate
101
3.7
(100)
(3.8)
Cost-income ratio
(281)
0.4
292
(6.4)
Long-term effective tax rate
(426)
1.7
1,000
(4.0)
Capital requirements – capital adequacy ratio
—
—
363
(13.0)
Capital requirements – tier 1 capital adequacy ratio
—
—
333
(6.9)
At 31 Dec 2024
Long-term profit growth rate
55
4.0
(96)
(5.4)
Long-term asset growth rate
(121)
8.6
30
(2.8)
Discount rate
(143)
5.4
287
(6.4)
Expected credit losses as a percentage of loans and advances to
customers1
2024 to 2028: 66
2029 onwards: 91
4.0
2024 to 2028: 108
2029 onwards: 104
(4.3)
Risk-weighted assets as a percentage of total assets
(132)
0.8
234
(1.7)
Loans and advances to customers growth rate
(217)
3.4
340
(6.1)
Operating income growth rate
76
2.7
(81)
(3.3)
Cost-income ratio
(190)
0.2
380
(7.1)
Long-term effective tax rate
(426)
1.6
1,000
(4.0)
Capital requirements – capital adequacy ratio
—
—
372
(14.3)
Capital requirements – tier 1 capital adequacy ratio
—
—
270
(6.7)
1The expected credit losses as a percentage of loans and advances to customers reflect selected favourable and unfavourable rates.
Reasonably possible changes in key assumptions
Input
Key assumptions
Associated risks
Reasonably possible
change
Investment
HSBC North America Holdings Inc.
(subsidiary of HSBC Overseas
Holdings (UK) Limited)
Free cash flows projections
–Level of interest rates and
yield curves.
–Competitors’ positions
within the market.
–Strategic actions
relating to revenue and
costs are not achieved.
–Free cash flow
projections decrease
by 10%.
Discount rate
–Discount rate used is a
reasonable estimate of a
suitable market rate for
the profile of the
business.
–External evidence arises
to suggest that the rate
used is not appropriate
to the business.
–Discount rate
decreases by 1%.
Sensitivity of VIU to changes to current assumptions to reduce headroom to nil
Sensitivity of VIU to reasonably possible changes in key assumptions
In $bn (unless otherwise stated)
At 31 Dec 2025
At 31 Dec 2024
HSBC North America Holdings Inc.
VIU
16.0
13.3
Impact on VIU
100bps decrease in the discount rate – single variable1
1.8
1.5
10% decrease in forecast profitability – single variable1
(1.6)
(1.3)
1The recoverable amount of HSBC Overseas Holdings (UK) Limited represents the aggregate of recoverable amounts of the underlying subsidiaries. Single
variable sensitivity analysis on a single subsidiary may therefore not be representative of the aggregate impact of the change in the variable.