 | |
| Company type | Subsidiary of HSBC Private Bank |
|---|---|
| Industry | Finance |
| Founded | 1999 |
| Defunct | 2016 |
| Headquarters | Monte Carlo, Monaco |
Key people | Gérard Cohen, CEO |
| Products | Private banking |
HSBC Private Bank (Monaco) S.A. was a subsidiary of HSBC Private Bank, headquartered in Monte Carlo, Monaco.
HSBC's presence in Monaco began in 1999 when it acquired Republic National Bank of New York and Safra Republic Holdings, both owned by financier Edmond Safra. The transaction was valued at $10.3 billion US dollars, the biggest foreign takeover deal for an American banking company as of then. By purchasing Safra Republic Holdings, HSBC acquired 44 offices holding client funds that total $56.5 billion, and 30,000 international clients in high-margin private banking in Switzerland, Luxembourg and Monaco. [1]
In 2006, HSBC Monaco was the biggest bank in Monaco in terms of assets, with 15 per cent market share of banking in Monaco and total assets under management valued at around $10 billion US dollars. It was also one of the most successful asset gathering subsidiaries of HSBC Private Bank. [2]
In October 2016, HSBC announced its decision to wind down its private banking operations in Monaco. This move was part of a broader strategy to streamline its services following various tax-related controversies, namely the Swiss Leaks and Panama Papers, associated with its Swiss subsidiary. The bank arranged for its clients in Monaco to be referred to CFM Indosuez Wealth Management, a subsidiary of Crédit Agricole, which subsequently became the largest bank in Monaco. HSBC refocused its private banking operations to major centres in London, New York City, Geneva, Singapore and Hong Kong. [3]
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.919 trillion as of December 2023.
Banco Bradesco S.A. is a Brazilian financial services company headquartered in Osasco, in the state of São Paulo, Brazil. It is the third largest banking institution by assets in Brazil and Latin America. It is also one of fifty most valuable banks in the world. The bank is listed at the B3 in São Paulo, where it is part of the Índice Bovespa, in the New York Stock Exchange and in the Madrid Stock Exchange.
HSBC Bank Canada, formerly the Hongkong Bank of Canada (HBC), was a British-Canadian chartered bank and the former Canadian subsidiary of British multinational banking and financial services company HSBC.
The Hongkong and Shanghai Banking Corporation Limited, commonly abbreviated as HSBC and formerly known as HongkongBank, is the Hong Kong–based Asia-Pacific subsidiary of the HSBC banking group, for which it was the parent entity until 1991. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
Edmond J. Safra was a Lebanese-Brazilian billionaire banker and philanthropist of Syrian descent. He continued his family tradition of banking in Brazil and Switzerland, and was married to Lily Watkins from 1976 until his death. He died in a fire that attracted wide media interest, and was judicially determined to be due to arson.
Republic New York Corporation was the holding company for Republic National Bank of New York, Safra Republic Holdings, and Safra Republic Bank.
HSBC Bank USA, National Association, an American subsidiary of the British banking group HSBC, is a bank with its operational head office in New York City and its nominal head office in Tysons, Virginia. HSBC Bank USA, N.A. is a national bank chartered under the National Bank Act, and thus is regulated by the Office of the Comptroller of the Currency (OCC), a part of the U.S. Department of the Treasury. The company has 22 branch locations.
HSBC Private Bank is the principal private banking business of the HSBC Group. HSBC Private Bank's holding company is HSBC Private Banking Holdings (Suisse) S.A.. The holding company is wholly owned by British HSBC Bank plc and its subsidiaries include HSBC Private Bank (Suisse) S.A., HSBC Private Bank (UK) Limited, HSBC Private Bank (C.I.) Limited, HSBC Private Bank (Luxembourg) S.A., HSBC Private Bank (Monaco) S.A. and HSBC Financial Services (Cayman) Limited.
HSBC Bank Argentina S.A. was the principal HSBC operating company in Argentina. It was the seventh-largest bank in the country, it provided a full range of banking and financial products and services, including commercial, consumer and corporate banking, to over 1.2 million customers. In April 2024, HSBC reached an agreement to sell its banking operations in Argentina to Banco Galicia. The re-brand process took about 12 months.
HSBC Bank Bermuda Limited, previously the Bank of Bermuda Limited, is a financial services company in Bermuda providing retail and corporate banking, investment, custody and fund administration services to international and local clients. In 2004 the HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities. The bank sold much of its Cayman operations in 2014, and disposed its private banking operations at the end of April 2016. The three remaining divisions are retail banking wealth management, commercial banking and global banking and markets. These three businesses represent over 90% of total revenues.
The J.Safra Group is a Brazilian conglomerate comprising an international network of companies controlled by the Vicky Safra family, comprising banking and financial institutions and industrial operations. It is present in the United States, Europe, the Middle East, Latin America, Asia and the Caribbean.
LGT Group is the largest royal family-owned private banking and asset management group in the world. LGT, originally known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation and led by its royal family members H.S.H. Prince Maximilian von und zu Liechtenstein (CEO) and H.S.H. Prince Philipp von und zu Liechtenstein (chairman).
Bank Jacob Safra (Suisse) AG was a full-service commercial banking institution headquartered in Geneva, Switzerland. As part of the Safra Group of financial institutions, in 2013, it merged with Bank Sarasin & Cie, when that bank was purchased by the Safra Group, with the combined entity being named J. Safra Sarasin.
Bank of America Private Bank was founded in 1853 as the United States Trust Company of New York. It operated independently until 2000, when it was acquired by Charles Schwab, and Co. and subsequently sold to, and became a subsidiary of, Bank of America in 2007. Bank of America Private Bank provides investment management, wealth structuring, and credit and lending services to clients.
Union Bancaire Privée is a private bank and wealth management firm headquartered in Geneva. UBP is one of the largest private banks in Switzerland, and serves private and institutional clients. The bank was founded in 1969 by Edgar de Picciotto.
HSBC Guyerzeller Bank AG, a member of the HSBC Group, was a Swiss private bank advising individuals and families in all matters of wealth management, investment advice and trust services. Its head office was in Zürich, and it had two branches in Geneva, as well as representative offices in Hong Kong and Istanbul. It had 360 employees and about CHF 29 billion in assets under management. It is now subsumed under HSBC Private Bank.
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Headquartered simultaneously in Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of banking secrecy. Because of the bank's large positions in the Americas, EMEA and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.
VP Bank AG is a Liechtenstein-based bank headquartered in Vaduz and specialized in private banking. It was founded on April 6, 1956 by Princely Councillor of Commerce Guido Feger and is one of the three major banks in Liechtenstein along with the LGT Group and the LLB.
J. Safra Sarasin is a Swiss private bank, founded in 1841 and headquartered in Basel, Switzerland. It is currently owned by the Brazilian J. Safra Group, and was formed in its present state in 2013, when Safra Group acquired Bank Sarasin & Co. Ltd, merging it with its Bank Jacob Safra Switzerland subsidiary.
HSBC Continental Europe, Greece, commonly referred to as HSBC Greece, was a subsidiary of HSBC Continental Europe, headquartered in Athens, Greece. The bank provided personal banking and corporate banking services. In 2022, Pancreta Bank acquired HSBC Greece.
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