HSBC Swiss private bank drops 1,000 clients from Middle East

HSBC’s Swiss private bank is cutting ties with more than 1,000 wealthy Middle Eastern clients, including individuals from Saudi Arabia, Qatar, Lebanon and Egypt, some with assets exceeding $100 million.

The move follows scrutiny from Swiss regulators, who in 2024 said the bank had breached anti-money laundering obligations, the Financial Times reports.

HSBC confirmed its Swiss private bank is shifting strategic focus as part of a wider group reshaping announced last year.

Barry O’Byrne, HSBC’s CEO of International Wealth and Premier Banking, told Reuters the bank remains committed to its Middle East and Swiss wealth operations.