HSBC has refused to comment on rumours it is putting another part of its global private bank up for sale.
Media reports suggested the bank plans to sell parts of its European business because of poor regional performance figures and because it is the least promising and most costly region.
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No other details about the possible size or location of the selling business have been provided by HSBC.
It follows HSBC’s sustained sell-off of non-core parts of its wealth management businesses around the world as part of its three year strategic plan.
HSBC has sold private banking businesses in Monaco, Japan and wealth management businesses in Thailand, Korea, Pakistan and Mauritius since the beginning of 2012.
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By GlobalDataSell-off impacts results?
According to its 2013’s first quarter interim statement, HSBC’s global private bank division reclassified assets as non-strategic business which caused a loss of US$300m in revenue.
HSBC global private bank reported a pre-tax loss of US$125 million in the first quarter, compared with a pre-tax profit of US$286 million in the first quarter of 2012 and US$230 million in the fourth quarter of 2012.
HSBC’s private bank’s business in Europe reported a pre-tax loss of US$242 million in the first quarter, compared with a US$165 million pre-tax profit in the same period a year ago. That loss was the biggest of any region.
