US EditionHSBC Swiss unit culls wealthy Middle Eastern clients amid regulator scrutiny, FT says
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23 Articles
The Swiss private banking subsidiary of HSBC has separated from more than 1000 customers from the Middle East. The measure follows regulatory requirements for risk reduction.
HSBC Swiss unit culls wealthy Middle Eastern clients amid regulator scrutiny, FT says
HSBC's Swiss private bank has launched a cull of more than 1,000 wealthy Middle Eastern clients, as it faces scrutiny from regulators over high-risk customers, the Financial Times reported on Sunday.
The Swiss subsidiary of the HSBC banking group has decided to strike a big blow after suspicions of money laundering. According to Bloomberg, the Geneva-based private bank has decided to terminate its relations with more than 1,000 wealthy customers in the Middle East, many of whom have assets in excess of 100 million Swiss francs, in order to reduce its exposure to people it considers to be at high risk.
HSBC’s Swiss Bank Said to Exit 1,000 Mideast Clients Amid Revamp
HSBC Holdings Plc’s Swiss private bank is ending relationships with wealthy Middle Eastern clients, including many with assets exceeding $100 million, as the bank seeks to lower its exposure to individuals it deems high-risk, according to people familiar with the matter.
The Swiss private bank of HSBC has initiated a selection of more than 1,000 wealthy customers from the Middle East, in the face of the continuous scrutiny that it faces from the...
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