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.
Go deeper with GlobalData
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
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By GlobalDataThe 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.
