HSBC Private Bank
| Company type | Subsidiary |
|---|---|
| Industry | Private banking, Financial services |
| Headquarters | Switzerland |
Area served | Worldwide (Europe, Americas, Asia-Pacific, Middle East, Africa) |
| Products | Private banking services |
Number of employees | 200 (Monaco operations, 2016) |
| Parent | HSBC Bank plc |
HSBC Private Bank represents the main private banking arm within the HSBC Group. Its parent entity, HSBC Private Banking Holdings (Suisse) S.A., is wholly owned by the British institution HSBC Bank plc. The group’s subsidiaries comprise 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.
Operating alongside HSBC Trinkaus & Burkhardt AG (trading as HSBC Trinkaus), HSBC Private Bank constitutes Global Private Banking. This division caters to affluent clients through 96 offices distributed across 43 nations in Europe, the Americas, Asia-Pacific, the Middle East, and Africa. By 31 December 2008, the unit reported pre-tax earnings of US$1,447 million, managing client assets valued at US$352 billion.
History
Previously known as HSBC Guyerzeller Bank AG, a former subsidiary within HSBC Private Bank, the entity was rebranded under the HSBC Private Bank name in 2009.
In October 2012, Property Vision Holdings Limited—a property management and advisory company acquired in 2001—was divested via a full management buyout. This sale was part of a wider program during 2011–2012 that saw HSBC dispose of 36 non-core businesses.
In October 2016, the majority of HSBC’s private banking operations in Monaco, which oversaw US$9 billion in client assets and employed around 200 personnel, were transferred to CFM Indosuez Wealth Management. The remaining Monaco-based assets and functions were scheduled for gradual closure.
Allegations of money laundering involving Riad Salameh
In 2024, the Swiss Financial Market Supervisory Authority (FINMA) determined that the bank had significantly violated anti-money laundering regulations concerning accounts connected to two politically exposed individuals: former Central Bank of Lebanon governor Riad Salameh and his brother Raja. From 2002 through 2015, nearly $330 million originating from Lebanon's Central Bank was processed through an account held by Forry Associates, an offshore entity owned by Raja Salameh. This occurred despite numerous internal compliance warnings starting in 2006. Legal filings disclosed that HSBC inadequately examined the account’s substantial turnover and suspicious activities, only filing reports with the Money Laundering Reporting Office Switzerland (MROS) in August 2020 following public allegations of corruption. FINMA prohibited the bank from accepting new politically exposed persons until it reassessed existing client relationships and clarified managerial oversight. Subsequently, in 2025, Lebanese authorities lodged a criminal complaint in Switzerland against HSBC and the Salameh brothers to broaden investigations and pursue restitution.