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HSBC Swiss unit culls wealthy Middle Eastern clients amid regulator scrutiny
The case
The Financial Times reported that HSBC’s Swiss private bank has launched a cull of more than 1,000 wealthy Middle Eastern clients, as it is facing scrutiny from regulators over high-risk customers.
Source: Financial Times & Reuters
The commentary
HSBC Swiss will terminate its relationships with several customers from countries such as Saudi Arabia, Qatar, Lebanon and Egypt, many of whom have assets amounting to more than USD 100 million, the FT said, citing people familiar with the matter.
Although the bank is actively culling these high-risk client relationships, HSBC has emphasized its ongoing commitment to its Middle Eastern and Swiss wealth management operations, positioning Switzerland as one of its core global wealth hubs
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