HSBC Private Bank is planning to merge its European private trust and fiduciary administration services business into a single hub based in Jersey.
The merger will enable HSBC Private Bank’s European trust business to focus its investment for growth in single location.
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However, the bank will retain Swiss-based trust front offices in Geneva and Zurich.
As part of the consolidation, HSBC Private Bank is planning to add a number of new roles to its trust administration teams in Jersey and will also move its trust business from Switzerland to Jersey.
In addition, the bank will set up a Swiss-based front office to focus exclusively on the highest standards of relationship management that the clients require.
Franco Morra, global private bank regional head, EMEA, said: "The concentration of our European administration services in one hub in Jersey, where we already manage some of our largest trust relationships, will further improve our operational efficiency and will ensure that the structures we administer meet the ever-growing regulatory requirements."
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By GlobalDataSobhi Tabbara, global head of MENAT for global private bank, said: "We are one of the world’s leading trust and fiduciary services providers focusing on estate and succession planning, family governance and philanthropy. We have made significant investment and enhancements to this business over the past couple of years, including the investment in a new technology platform."
