HSBC Private Bank is the principal
private banking
Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial asset ...
business of the
HSBC Group. HSBC Private Bank's
holding company
A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
is HSBC Private Banking Holdings (Suisse) S.A.. The holding company is wholly owned by British
HSBC Bank plc and its
subsidiaries
A subsidiary, subsidiary company, or daughter company is a company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidiary company. Unl ...
include HSBC Private Bank (Suisse) S.A., HSBC Private Bank (UK) Limited, HSBC Private Bank (C.I.) Limited, HSBC Private Bank (Luxembourg) S.A., HSBC Private Bank (Monaco) S.A. and HSBC Financial Services (Cayman) Limited.
HSBC Private Bank, together with the private banking business of HSBC Trinkaus & Burkhardt AG (operating as
HSBC Trinkaus
HSBC Trinkaus & Burkhardt AG, operating as HSBC Deutschland, is a German financial services company. It traces its history back to 1785 and is one of the longest-established members of the HSBC Group. HSBC in Germany has operations in private, c ...
) known collectively as Global Private Banking, provides services to wealthy people and their families through 96 offices in some 43 countries and territories in
Europe
Europe is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere. It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east ...
, the
Americas
The Americas, sometimes collectively called America, are a landmass comprising the totality of North America and South America.''Webster's New World College Dictionary'', 2010 by Wiley Publishing, Inc., Cleveland, Ohio. When viewed as a sing ...
, the
Asia-Pacific region, the
Middle East
The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq.
The term came into widespread usage by the United Kingdom and western Eur ...
and
Africa
Africa is the world's second-largest and second-most populous continent after Asia. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 20% of Earth's land area and 6% of its total surfac ...
. At 31 December 2008, profits before tax were US$1,447 million and combined client
assets under management
In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...
were US$352 billion.
History
HSBC Guyerzeller Bank AG was a subsidiary HSBC Private Bank. In 2009 the HSBC Guyerzeller business was re-branded HSBC Private Bank.
In October 2012, HSBC Private Bank sold Property Vision Holdings Limited to PV Acquisition Limited in a 100% management buyout. Property Vision was acquired by HSBC in 2001 and specialises in managing and providing advice on property purchases. Property Vision's exit from HSBC was part of wider restructuring by the bank, which made 36 disposals of “non-core operating assets” in 2011–2012.
In October 2016, HSBC announced the transfer of the bulk of its private banking business in
Monaco
Monaco, officially the Principality of Monaco, is a Sovereign state, sovereign city-state and European microstates, microstate on the French Riviera a few kilometres west of the Regions of Italy, Italian region of Liguria, in Western Europe, ...
to
CFM Indosuez Wealth Management. As of October 2016 HSBC's private banking business in Monaco housed US$9bn of customer assets and employed 200 people. Those assets and parts of the business not transferred are to be wound down.
HSBC passes bulk of Monaco bank to Indosuez
, ''Financial Times'', 20 October 2016, p.14.
Controversies
Riad Salameh money laundering allegations
In 2024, the Swiss Financial Market Supervisory Authority (FINMA) found that the bank had seriously breached anti-money laundering obligations in handling accounts linked to two politically exposed persons, widely understood to be former Central Bank of Lebanon governor Riad Salameh and his brother Raja.
See also
* Swiss Leaks
References
{{DEFAULTSORT:Hsbc Private Bank
Private Bank
Private banks are banks owned by either the individual or a general partner(s) with limited partner(s). Private banks are not incorporated. In any such case, creditors can look to both the "entirety of the bank's assets" as well as the entire ...