HSBC Private Bank signs agreement with CFM Indosuez Wealth Management in Monaco
HSBC Private Bank has signed an agreement with CFM Indosuez Wealth Management to introduce clients from HSBC’s business in the Principality of Monaco to CFM Indosuez Wealth Management. The remainder of HSBC’s Monaco business should subsequently wound down, after alternative arrangements have been made for clients who do not transfer under the agreement.
This move should simplify HSBC private banking business in a bid to restructure their European private banking operations. The referral process will begin immediately.