HSBC has closed its private bank and wealth management division in Ireland.
HSBC confirmed to PBI that the Dublin-based private bank would be closing for business with immediate effect.
The decision comes after a strategic review of global business including wealth management operations, which HSBC began last year.
HSBC Private Bank Ireland said it would not be accepting new business and that the closure would not affect any of HSBC’s other operations in Ireland.
Six roles cut
The division employed six people and was headed by Roy Quinlan. It provided specialist services in media and sport, hedge fund advisory and insurance brokerage as well as services in investments, lending and deposits.
There are more than 400 employees in HSBC’s corporate finance and funds management business in Ireland.
Irish unit latest to be sold-off
This is the latest in a string of closures and sales of HSBC’s non-core private banking businesses. HSBC Private Bank agreed to sell part of its portfolio of client accounts in Monaco to Société Générale subsidiary Crédit du Nord on 9 July.
In the past seven months, the company has sold its private banking and wealth management businesses in Japan, Thailand, Korea, Pakistan and Mauritius.
A ‘refocus’ has also taken place in its Middle Eastern business and it is in talks to sell its Latin American businesses in Columbia, Peru, Uruguay and Paraguay.