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June 28, 2022

HSBC hires head of Switzerland, EMEA Private Banking

By Patrick Brusnahan

HSBC has appointed Gabriel Castello as the head of private banking for EMEA. He will also aid the activities of HSBC’s private banking, commercial banking global banking, and asset management businesses in Switzerland.

Subject to regulatory approval, Castello will join the bank in July 2022 as regional head of private banking for EMEA, CEO of the Swiss private bank and country head Switzerland. He’ll be based in Switzerland where HSBC will continue to invest for growth.

Castello was previously at Quintet Bank where he was partner and member of the group executive committee. Prior to that, he spent 13 years at US in a variety of roles including CEO France, and head wealth management LatAm and Caribbean.

Annabel Spring, CEO of HSBC Global Private Banking, said: “We’re delighted to welcome Gabriel to HSBC. Drawing on a wealth of experience, he’ll drive the expansion of our private banking business in EMEA as we grow in our key European and MENAT markets, further enhance our global offering and invest in our client-facing colleagues.”

Castello will take over from Alex Classen, who will leave HSBC after over three years with the bank to take on a non-executive opportunity. Under Classen’s leadership, the Swiss business has improved its profitability, increased collaboration with other parts of HSBC and successfully navigated the pandemic.

Earlier in June, HSBC Asset Management (HSBC AM) has launched a new unit within HSBC Alternatives, the company’s alternatives business, to expand its service and offering for wealthy clients and institutional customers.

The new unit, dubbed Capital Solutions Group (CAG), will focus on raising funds and creating offerings in private and sustainable assets that provides flexible capital solutions for both institutional and wealth customers of HSBC AM.

The company has named Borja Azpilicueta to lead the new unit, which is touted to become a new horizontal within HSBC Alternatives.

In addition, HSBC has named Irene Chen as the global head of Ultra High Net Worth (UHNW) Solutions under its Investments and Wealth Solutions (IWS) division for its Wealth and Personal Banking (WPB) business.

The appointment comes as the bank seeks to develop an investment platform for the UHNW segment, leveraging its global footprint and institutional group capabilities.

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