HSBC Rail

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HSBC Rail (UK) Limited
Type Subsidiary of HSBC Holdings plc
Founded 1994
Headquarters London, UK
Industry Finance
Products Financial Services

HSBC Rail (UK) Limited is one of the three major ROSCOs (Rolling Stock Companies) in the United Kingdom. Created in 1994 as part of the privatisation of British Rail, it owns around a third of passenger railway locomotives, multiple units and coaching stock running on Network Rail's system which it leases to various train operators. In common with the other ROSCOs, Angel Trains and Porterbrook, it is now owned by a major banking group, in this case HSBC.

HSBC Rail was established on 21 March 1994[1] as Eversholt Leasing, it was subsequently purchased by a consortium of investors led by Candover in February 1996. HM Government realised a sale worth €883 million, however 13 months later Candover sold Eversholt to Forward Trust, part of the HSBC Group for €1 billion.[2]

The privatization and subsequent sale of the ROSCOs caused a great deal of debate, since the UK National Audit Office asserts that the UK Government had not realised fair market value for the sale of the assets in their press briefing announcing their report on the "Privatisation of the Rolling Stock Leasing Companies", Report by the Comptroller and Auditor General, dated 5 March 1998[3]. Eversholt Leasing's MEBO (Management/Employee Buyout Team) purchased the assets for the business for £518 million in February 1996 and in February 1997 the business was sold on to Forward Trust Group for £726 million, a gain of some 40% over the sale price of the business from the UK Department of Transport.

Testimony relating to the sale of Eversholt was given by Andrew Jukes, Managing Director of Forward Trust to the UK Parliament's Select Committee on Public Accounts 3 June 1998[4].

HSBC Rail offer investment and financing solutions to passenger and freight rail industry both in the UK and the rest of the world. Financing services range from, operating leases, procurement, refurbishment, engineering support and maintenance improvements. The company manages a fleets of over 4000 vehicles, and as such maintains a team of in house engineers to work on re-engineering projects to deliver improved performance, reliability and passenger environment.[5]

[edit] See also

[edit] References

  1. ^ your company: HSBC RAIL (UK) LIMITED: company details - from workSMART.org.uk
  2. ^ http://www.candover.com/candover/deals/case-studies-article.jsp?id=303
  3. ^ UK National Audit Office press notice - Privatisation of the Rolling Stock Leasing Companies (5 March 1998)
  4. ^ House of Commons - Public Accounts - Minutes of Evidence
  5. ^ HSBC Rail

[edit] External links


v • d • e
British Rolling Stock Companies (ROSCOs)


v • d • e
HSBC Group
Corporate directors:
Safra Catz · Vincent Cheng · John Coombe · José Durán · Rona Fairhead · Douglas Flint · Sandy Flockhart · William Fung · Michael Geoghegan (CEO) · Stephen Green (Chairman) · Stuart Gulliver · James Hughes-Hallett · William Laidlaw · Sir Mark Moody-Stuart · Gwyn Morgan · Narayana Murthy · Stewart Newton · Simon Robertson · Sir Brian Williamson
Brands:
Principal local banks:
Minority stakes and joint ventures:
Bank of Communications (19%) · HSBC Saudi Arabia Limited (60%) · British Arab Commercial Bank (47%)  · SABB (40%) · Wells Fargo HSBC Trade Bank N.A. (20%)  · Ping An (19.9%)  · Techcombank (15%)  · Bank of Shanghai (8%)  · UTI Bank Limited (4.99%)
Annual group revenue: $87.6 billion USD (▲25% FY 2007) · Employees: 330,000 · Stock symbols: LSE: HSBA, HKEX: 005, NYSE: HBC, Euronext: HSBC, BSX: 1077223879
 · Group website: www.hsbc.com · Group Headquarters: 8 Canada Square, London, E14 5HQ, United Kingdom
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