As everyone knows, HSBC is closing up in Monaco, and after quite some confidential discussions, have come to an agreement, and will be having CFM Indosuez taking over the management of their client portfolios.
After 17 years, HSBC has confirmed its departure, which is aligned with its global restructuring objectives being put into place since 2011. CFM Indosuez wealth management, which is owned by French Bank Credit Agricole, will be consolidating its position as the leading bank in Monaco, following the transfer of HSBC’s portfolios worth 9 Billion Euros and some 200 collaborators, under its management.
It is still yet unclear whether the staff from HSBC will be moved and employed by CFM, Gilles Martinengo has decided to remain silent on the matter. Everything seems to be unclear in terms of the restructuring that might need to be put into place to manage the portfolio, as some clients are used to dealing with and prefer a British banking style. There is also a lingering question mark around winning the heart and portfolio of the client Dmitri Rybolovlev.
HSBC has sadly not had a great run in terms of good publicity, following a few scandals running from the “Panama Papers” to the AS Monaco’s owner and Art dealer issues. On the other hand, CFM Indosuez, has not run into any scandals or any negative issues, and is most likely to use this to advertise themselves as “the bank without problems”.
It will be interesting to see what really happens once the agreements are confirmed in terms of the restructuring and how it will work and benefit the clients who are moving to a whole new style of wealth management. Will the clients stick to the proposed new wealth management company, or will some clients pull out altogether and go to Barclays wealth management for example, with their British style?
Source : Monaco Matin