HSBC Private Bank has agreed to sell part of
its portfolio of client accounts in Monaco to Société Générale
subsidiary Crédit du Nord.
The portfolio had assets under management of
about $140m on 14 May 2012, when the sale was agreed. The deal is
expected to be completed on 1 October 2012.
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The move continues HSBC’s strategy of slimming
down its operations in countries where it lacks scale. Stuart
Gulliver, the bank’s chief executive, intends to cut annual costs
by $3.5bn and refocus its strategy in Asia.
In the past seven months, the company has sold
its wealth business in Japan and wealth management business in
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.
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