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.