HSBC Private Bank today announces that it will consolidate its European private trust and fiduciary administration services in a single centre of expertise based in Jersey. This consolidation will result in benefits of scale and allow HSBC Private Bank’s European trust business to focus its investment for growth in one location.
Franco Morra, Global Private Bank Regional Head, EMEA, said: “We are one of the world’s leading trust and fiduciary services providers focusing on estate and succession planning, family governance and philanthropy. We have made significant investment and enhancements to this business over the past couple of years, including the investment in a new technology platform. The concentration of our European administration services in one hub in Jersey, where we already manage some of our largest trust relationships, will further improve our operational efficiency and will ensure that the structures we administer meet the ever growing regulatory requirements. In line with our complete commitment to Swiss private banking, we will establish a Swiss-based front office to focus solely on the highest standards of relationship management that our clients expect. Also, to accommodate the additional business arising from the transfer, HSBC Private Bank is currently adding a number of roles to its trust administration teams in Jersey.”