HSBC Private Bank, part of the UK- and Hong Kong-listed group, will no longer offer services to US residents outside of the country, joining a growing list of banks to pull out of this sector
HSBC Private Bank, part of the UK- and Hong Kong-listed group, will no longer offer services to US residents outside of the country, joining a growing list of banks to pull out of this sector.
The firm said that, following a review, the decision was taken to withdraw services provided to private clients from locations outside the US; this decision is understood to affect only a relatively small number of clients – in the hundreds. The bank declined to give a figure for the assets affected.
The private bank will continue to offer all of its wealth management services to clients through branches in the US. Clients have been advised to close their accounts over the next 30 days, and HSBC has appointed a team of people to help transition clients to the US domestic private banking operation.
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