HSBC Group may sell its private banking business in Monaco as part of the group’s continuing strategic five-filter review.
HSBC received an ‘unsolicited interest’ for the unit, but the bank refused to add further details on the possible business’ buyer as well as the size and kind of assets.
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HSBC has already sold a small accounts portfolio in Monaco to Société Générale subsidiary Crédit du Nord in May 2012, with assets under management of about $140m.
Earlier this week, media reports suggested the bank was interested in selling parts of its European business because of poor regional performance figures, and because it is the least promising and most costly region.
HSBC has sold private banking businesses in Japan and wealth management businesses in Thailand, Korea, Pakistan and Mauritius since the beginning of 2012.
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