HSBC Private Bank has decided to wind down its business in Monaco and has agreed to introduce clients in the principality to CFM Indosuez Wealth Management. 

 “It draws to a close the restructuring of our European private banking operations, with the future focus being on growing our business with strategic clients of the group,” the bank said in a statement.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

“It is intended that the remainder of HSBC’s Monaco business will be subsequently wound down, after alternative arrangements have been made for any clients who do not transfer under the agreement.”

As part of the referral agreement, CFM Indosuez Wealth Management – which is the global wealth management brand of Credit Agricole group – will be accepting clients introduced to it from HSBC's client base in Monaco.

The agreement covers clients with around $9bn of assets and around 200 staff. No financial details of the deal were disclosed.

CFM Indosuez Wealth Management, which will become the largest bank in the principality following the deal, said the process will begin immediately.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HSBC has already wound down its private banking operations in Japan, Panama, Israel, Bermuda, Brazil, Mexico and Turkey.

In 2014, the bank offloaded $12.5bn of Swiss private banking assets to Liechtenstein’s LGT Group.