Move seeks to reduce exposure to people deemed high-risk, many with more than US$100 million in assets, sources say
HSBC Holdings’ Swiss private bank is ending relationships with wealthy Middle Eastern clients, including many with assets exceeding US$100 million, as the bank seeks to lower its exposure to individuals it deems high-risk, according to people familiar with the matter.
More than 1,000 clients from Saudi Arabia, Lebanon, Qatar and Egypt were among those being told they can no longer bank with HSBC’s Swiss wealth-management business, the people said, asking not to be identified discussing an ongoing process.
Some clients had already been informed and over the next few months would receive closing letters advising them they could consider transferring to other jurisdictions, the people said.
“HSBC announced plans in October last year to reshape the group to accelerate strategic delivery,” the bank said in an emailed statement. “As part of this, we are evolving the strategic focus of our Swiss private bank.”
