HSBC Swiss Bank Ends Relationships with Over 1000 Wealthy Clients from the Middle East Amid Regulatory Scrutiny

The "Financial Times" revealed that HSBC's private banking unit in Switzerland has launched a campaign to close the accounts of more than 1000 clients from the Middle East, in a move that comes amid increasing scrutiny from regulatory authorities regarding clients classified as "high risk".

According to informed sources, the termination process includes clients from Saudi Arabia, Qatar, Lebanon, and Egypt, many of whom hold assets exceeding $100 million. This step is part of a restructuring plan announced by the bank last October, aimed at redirecting the strategic focus of the Swiss wealth management unit.

In an official statement to Reuters, HSBC confirmed that it is working on developing its business model in Switzerland, without providing additional details about the closed accounts. For his part, Barry Obern, the CEO of the International Wealth Division, emphasized the bank's full commitment to its clients in the Middle East and Switzerland, affirming that the latter remains a key center for global wealth management.

According to the "Financial Times", affected clients received notifications stating that they would no longer be able to use the bank's services, with recommendations to transfer their accounts to other financial institutions in the coming months.

These developments come alongside Bloomberg reports confirming that HSBC's Swiss unit will stop dealing with about a thousand clients from the Middle East, as part of its efforts to reduce exposure to high-risk individuals, especially those linked to political positions or sensitive financial activities.