HSBC's Swiss private bank to exit 1,000 Middle Eastern clients

HSBC HOLDINGS' Swiss private bank is ending relationships with wealthy Middle Eastern clients, including many with assets exceeding $100 million, as the bank seeks to lower its exposure to individuals it deems high-risk, according to people familiar with the matter.

- BLOOMBERG

More than 1,000 clients from Saudi Arabia, Lebanon, Qatar and Egypt are among those being told they can no longer bank with HSBC's Swiss wealth management business, the people said, asking not to be identified discussing an ongoing process.

Some clients have already started to be informed and over the next few months will receive closing letters advising them they could consider transferring to other jurisdictions, the people said.