HSBC’s Swiss private banking arm will add two client-facing teams in Zurich, with its chief executive Alex Classen underlining Asian assets as one of the «growth stars».
HSBC’s private banking unit in Switzerland will add two client-facing teams, according to a «Bloomberg» report citing a statement from chief executive Alex Classen.
Classen also noted that the private bank will also modernize its IT infrastructure by moving some services to a Switzerland-based cloud.
Combined with the relocation of some global and regional roles in support functions, this will lead to some Swiss roles being impacted.
«Growth Stars»
According to Classen, the two teams will be focused on clients from Germany and Asia – markets he called «growth stars» for the bank while the Middle East would remain the dominant base.
The bank has applied for a license to operate a cross-border private banking business with German clients and has already won business from Swiss wealth managers, Classen added.
«We’re leveraging HSBC’s sizable presence in Asia to book more Asian assets in Switzerland,» he said. «We’ll continue to build out our offering for ultra-high net worth clients.»
Geneva Reallocation
Meanwhile, HSBC’s Swiss private bank is rejigging resources in its Geneva office where it is reportedly relocating 110 support roles to cheaper outsourcing centers like Poland or Mumbai.
It is also shedding two floors of working space in its Quai des Bergues office.
