Foreign media: HSBC's Swiss private banking division is terminating business relationships with wealthy clients in the Middle East, including many clients with assets exceeding $100 million, in an effort to reduce exposure to high-risk individuals.
According to sources, more than 1,000 customers from countries such as Saudi Arabia, Lebanon, Qatar, and Egypt have been informed that they can no longer use HSBC's Swiss wealth management services. Some customers have already received notice, and letters to close their accounts will be sent in the coming months.
This move is part of HSBC's restructuring plan announced in October 2024, aimed at reducing exposure to high-risk clients. At the same time, the Swiss financial regulator Finma has reviewed HSBC Private Bank's shortcomings in due diligence on high-risk accounts.
Original article: www.toutiao.com/article/1841332052337668/
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