HSBC Private Bank
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| Subsidiary of HSBC Holdings plc | |
| Industry | Finance |
| Headquarters | Geneva, Switzerland |
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Key people
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Peter Widmer, Chairman |
| Products | Private banking |
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Number of employees
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6,500 |
| Parent | HSBC |
| Website | www |
HSBC Private Bank is the principal private banking business of the HSBC Group. HSBC Private Bank's holding company is HSBC Private Banking Holdings (Suisse) S.A.. The holding company is wholly owned by British HSBC Bank plc and its subsidiaries 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) 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, the Americas, the Asia-Pacific region, the Middle East and Africa. At 31 December 2008, profits before tax were US$1,447 million and combined client assets under management were US$352 billion.
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.
HSBC has announced (20 October 2016) the transfer of the bulk of its private banking business in Monaco to CFM Indosuez Wealth Management. The current HSBC private banking business houses US$9bn of customer assets and employs 200 people. Those assets and parts of the business that do not transfer will be wound down.
HSBC Private Bank (Suisse) S.A. was established in 1988 as Republic National Bank of New York (Suisse) S.A.. It was the subsidiary of Republic New York. In 1999, it became a part of HSBC Holdings Plc following the acquisition of Republic New York. The bank changed its name to HSBC Republic Bank (Suisse) and then to HSBC Private Bank (Suisse). HSBC Private Banking Holdings (Suisse) owns 94.5% of the bank shares and HSBC Bank USA N.A. owns the remaining shares (Republic New York was merged with HSBC Bank USA).
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Wikipedia