The HSBC branch in Switzerland violated its anti-money laundering duties in relation to two politically exposed individuals, according to the Swiss banking authority FINMA.

Reported by Reuters, FINMA revealed that it has directed the bank to review all of its existing business dealings with individuals who are politically vulnerable and that it would forbid the bank from doing so in the future.

FINMA claims that suspicious transactions totalling $300m were conducted between 2002 and 2015, and that money was moved from Lebanon to Switzerland and vice versa.

In the meantime, HSBC Bank (China), successfully purchased Citi’s retail wealth management portfolio in China’s mainland this month.

The wealth and personal banking division of HSBC China has merged with the portfolio of investment assets and deposits, as well as related wealth customers, spanning 11 major cities in Beijing. Moreover, HSBC has added more than 300 workers.

Retail wealth, asset management, insurance, private banking, and fintech are among the areas in which HSBC has stakes in wealth management in the nation.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Using the synergies between these capabilities, HSBC China is making considerable progress in meeting the complete wealth management demands of its customers.

In China’s mainland, HSBC increased its wealth clientele by over 30% annually and its invested assets by 53% in 2023.

With this deal, HSBC expands its wealth capabilities in Asia and on the Chinese mainland, marking yet another significant achievement.

Nuno Matos, chief executive officer, wealth, and personal banking, said: “HSBC’s ambition is to be the leading international wealth manager for mass affluent and high-net-worth (“HNW”) individuals in mainland China. This portfolio complements our growing set of wealth businesses in the country, demonstrating our commitment to the Chinese market and to helping our clients diversify their assets and enhance their long-term returns.”