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January 31, 2014updated 04 Apr 2017 2:32pm

HSBC looking to sell Swiss private banking assets

HSBC Holdings Plc is planning to sell parts of its Swiss private bank, with approximately $15 billion in assets under management (AuM), according to a source close to the process.

By Patrick Brusnahan

HSBC Holdings Plc is planning to sell parts of its Swiss private bank, with approximately $15 billion in assets under management (AuM), according to a source close to the process.

Information memorandums for the business, which includes wealthy clients in France, have been sent to potential buyers.

A statement from the bank said: "HSBC is fully committed to Switzerland as a key international booking centre for our global private bank and a priority market for the group. We are investing heavily in our global private banking operations in Switzerland: we are nearing completion of our new headquarters in Geneva and are making a significant investment in a new global IT platform that will be rolled out here first. Both projects represent an ongoing investment in Switzerland of more than $200 million."

HSBC refused to deny or confirm that sale documents had been circulated.

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