HSBC has announced an agreement with Monaco’s largest private private bank to service it’s ultra-high-net-worth-individuals client base in the Principality of Monaco.
CFM Indosuez Wealth Management, which represents the Indosuez Wealth Management network in Monaco, announced the agreement with HSBC Private Bank, in a statement released today welcoming clients.
The firm said this agreement is in line with Indosuez Wealth Management Group’s strategy to expand its ultra-high-net-worth-individuals client base, as the largest bank in Monaco.
This new deal is continuation of HSBC’s strategy to sell off or outsource various parts of its global business.
“The referral process will begin immediately,” the statement read. “CFM Indosuez Wealth Management will work closely with HSBC to ensure the smoothest possible process for the clients.”
The Indosuez Wealth Management network is represented in Monaco by CFM Indosuez Wealth, with roots in the principality that date back to 1922, when it was created by some of Monaco’s wealthiest families, some of whom are still stakeholders.
It now has seven agencies in the region, and its teams, comprising more than 360 members. Aside from wealth management CFM Indosuez Wealth is the only bank in Monaco that can offer financial solutions to private investors, businesses, institutions and professionals alike. CFM Indosuez Wealth is also one of Monaco’s main commercial banks, serving two out of three businesses in the principality.
Indosuez Wealth Management is the asset management arm of parent company Crédit Agricole group. It has, according to company statistics as at the end of 2015, €110bn in assets under management.
It also has 2,700 employees in 14 countries around the world, in Europe (France, Belgium, Spain, Italy, Luxembourg, Monaco and Switzerland), Asia-Pacific (Hong Kong, Singapore and New Caledonia), the Middle East (Abu Dhabi, Dubai and Lebanon) and the Americas (Brazil, Uruguay and Miami).