HSBC Private Bank has decided to wind down its business in Monaco and has agreed to introduce clients in the principality to CFM Indosuez Wealth Management. 

 “It draws to a close the restructuring of our European private banking operations, with the future focus being on growing our business with strategic clients of the group,” the bank said in a statement.

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“It is intended that the remainder of HSBC’s Monaco business will be subsequently wound down, after alternative arrangements have been made for any clients who do not transfer under the agreement.”

As part of the referral agreement, CFM Indosuez Wealth Management – which is the global wealth management brand of Credit Agricole group – will be accepting clients introduced to it from HSBC's client base in Monaco.

The agreement covers clients with around $9bn of assets and around 200 staff. No financial details of the deal were disclosed.

CFM Indosuez Wealth Management, which will become the largest bank in the principality following the deal, said the process will begin immediately.

HSBC has already wound down its private banking operations in Japan, Panama, Israel, Bermuda, Brazil, Mexico and Turkey.

In 2014, the bank offloaded $12.5bn of Swiss private banking assets to Liechtenstein’s LGT Group.