HSBC’s Swiss private banking arm chief in an interview to Swiss publication said the unit is not for sale.

Franco Morra, CEO of HSBC Private Bank (Switzerland), in an interview to Swiss newspaper Finanz und Wirtschaft said: "We’re concentrating on customers in 29 markets who invest at least CHF5m with us."

In June this year, HSBC has announced the sale of its Switzerland-based portfolio of private banking assets worth $12.5bn to LGT Bank (Switzerland), a wholly owned subsidiary of LGT Group Foundation of Liechtenstein.

The bank’s Swiss unit is currently subject to several tax probes, including in the United States, France and Belgium.

Morra added: "We have good reasons for that, particularly in the United States. The bank was cooperating closely with authorities in the hope of solving the issue in the near future."

Last month, HSBC’s Swiss private banking unit has agreed to pay $12.5m to the US Securities and Exchange Commission (SEC) to settle charges that it violated federal securities laws by providing unregistered cross-border brokerage and investment advisory services to US clients.

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