HSBC to create single regional private bank in Europe
HSBC announced today its plans to set up a single regional structure for its private banking operations in Europe which will see its private banking business in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg all merged under one arm of the global banking group.
The London-headquartered bank said today in a statement the new structure will be called HSBC Global Private Banking, EMEA, and will be led by Chris Allen, whose appointment as regional head of global private banking was also confirmed on Monday.
“This will create a regional private banking business that is more integrated, strategically aligned and well positioned to deliver continued growth for HSBC Private Banking,” HSBC said in a statement.
The move comes after a period of uncharacteristic personnel change at the international banking group, with chairman Mark Tucker having joined last October, and a new CEO, John Flint, who joined in February.
News of the private banking overhaul coincided with an announcement that HSBC Private Bank head Franco Morra will leave at the end of next week, after running the Geneva-based bank since 2012. His term overseeing HSBC’s wealth arm weathered several storms, including a data leak by whistleblower Herve Falciani in 2007. Morra will leave at the end of the month, according to reports.