Global bank HSBC has finalised plans to remove all branches from the principality of Monaco, as part of its long-term plan to streamline the company’s wealth management business.
Winding down the Monaco branch is one stage of restructuring HSBC’s European banking operations, a process that has been ongoing now for several years. In a statement released by the bank, it will now focus on strategic clients only for future proposals.
HSBC’s private banking clients from Monaco will now be given to the CFM Wealth Management. CFM is the jurisdictions leading bank and is the local representative of the global Indosuez Wealth Management group in Monaco.
Any clients who do not wish to transfer under the agreement have been told to make alternative arrangements, as the remainder of its Monaco branches have all been wound down with effective immediately, the bank also released.