The bank advised that it intends to wind down the remainder of HSBC’s Monaco business after alternative arrangements are made for any clients who do not transfer under the agreement.
The move is a further step in HSBC’s goal to optimise its global network and reduce complexity, and represents further simplification of the Global Private Banking business.
“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,” HSBC Private Bank said.
The referral process will begin immediately.
Indosuez Wealth Management said that the agreement is in line with the group’s strategy to strengthen its positions with ultra-high net worth clients in its key markets.
“It also reinforces CFM Indosuez Wealth Management’s leadership as the largest bank in the Principality of Monaco,” the firm added.