HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
HSBC has announced it will close accounts in its Swiss wealth management arm for more than one thousand high-net-worth clients from Saudi Arabia, Lebanon, Qatar, and Egypt following regulatory scrutiny over high-risk accounts.
HSBC has announced the termination of relationships with wealthy Middle Eastern clients, including many with assets exceeding one hundred million dollars.
The decision is part of an effort to reduce the bank’s exposure to individuals it classifies as high risk.
According to reports, more than one thousand clients from Saudi Arabia, Lebanon, Qatar, and Egypt are expected to be notified that they will no longer be able to hold accounts with the bank’s Swiss wealth management division.
Some clients have already begun receiving notifications, while in the coming months others will receive closure letters advising them to consider transferring their accounts elsewhere.
The move follows criticism from Swiss regulators, who stated that the bank had not conducted sufficient due diligence on high-risk accounts belonging to politically exposed persons.
The decision is part of an effort to reduce the bank’s exposure to individuals it classifies as high risk.
According to reports, more than one thousand clients from Saudi Arabia, Lebanon, Qatar, and Egypt are expected to be notified that they will no longer be able to hold accounts with the bank’s Swiss wealth management division.
Some clients have already begun receiving notifications, while in the coming months others will receive closure letters advising them to consider transferring their accounts elsewhere.
The move follows criticism from Swiss regulators, who stated that the bank had not conducted sufficient due diligence on high-risk accounts belonging to politically exposed persons.
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