HSBC to Close Down Private Bank in Monaco
HSBC will be transferring the business in Monaco to CFM Indosuez Wealth Management as it streamlines its wealth management business. It aims to transfer the bulk of the Monaco business which consists of $9 billion of customer assets and 200 employees to Indosuez and the remainder of the business be closed down.
“HSBC private bank has reduced its services to private banking clients from 150 countries to 50 ever since 2011.”
~ Financial Times
HSBC has been scaling back its private banking operations over the past six years to reduce donut and tax risks. HSBC private bank has reduced its services to private banking clients from 150 countries to 50 ever since 2011.
HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.
We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.
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