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LONDON - HSBC Bank plc announced Friday it plans to delist its Zero Coupon Callable Accreting Notes due September 27, 2042 from the New York Stock Exchange as part of efforts to simplify its reporting obligations.
The bank will provide written notice to the NYSE of its intent to delist the notes, which carry the CUSIP identifier 40442B2A4, according to a press release statement.
HSBC Bank plans to file Form 25 with the U.S. Securities and Exchange Commission approximately 10 days after the announcement, with the delisting expected to become effective 10 days after filing.
The company intends to apply for the notes to be admitted to trading on the Global Exchange Market of Euronext Dublin, which already serves as a listing venue for HSBC’s structured notes issued under its non-U.S. Notes and Warrants Programme.
Despite the delisting, HSBC Bank will maintain its registration under the U.S. Securities Exchange Act of 1934 for the time being and continue to comply with its obligations under the Act.
Once delisting becomes effective and the company meets criteria for terminating reporting obligations, it plans to file Form 15 with the SEC to deregister all classes of registered securities. Upon filing Form 15, HSBC’s legal obligation to file reports under the Exchange Act will be suspended, with deregistration expected 90 days later.
The bank noted that the delisting is part of its broader plan to end its program for issuing debt securities registered with the SEC.
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