HSBC Private Bank: Taking on trust
HSBC Private Bank
HSBC Private Bank advises on trusts in 23 locations and provides administration from 16 locations in three time zones. “For example,” says Clive Bannister, chief executive officer of group private banking (pictured), “take somewhere as far away as New Zealand. We can provide advice on how our core fiduciary capability in New Zealand can work for various clients but then the administration would be done out of a mainstream international financial centre such as Hong Kong or Geneva.” The bank is also in the process of developing its operating platforms to become a single trust administration system, which in due course will be able to be adopted in each location while fully meeting client confidentiality parameters.
It's little surprise then that HSBC is ranked as best provider of trust services to high-net-worth clients globally in this year's Euromoney survey. HSBC's trust business sits in the wealth advisory services (WAS) division. With its employees numbering some 20% of HSBC Private Bank's workforce, WAS has expertise in areas including the establishment and administration of trusts, insurance and corporate structures as part of generational financial planning and specific advice on tax and financial planning.