HSBC is to adopt HSBC Private Bank as the worldwide name for its principal private banking businesses from 1 January 2004. This initiative is designed to achieve full recognition for HSBC Private Bank as one of the worlds largest and most successful private banks.
The move reflects the growth in scale and complexity of HSBCs private banking business. This has grown to 5,000 staff serving 100,000 clients from 55 locations worldwide and funds under management of US$255 billion at 30 June 2003. In 1999, the business employed 1,300 staff, serving 27,000 clients from 8 locations and had US$89 billion assets under management. HSBC has significantly grown its private banking business over the last five years,” says Clive Bannister, Group General Manager and Chief Executive of HSBC Group Private Banking. “We have entered new markets, launched new products and are currently building a strong onshore business around the world to complement our historical offshore franchise. We are today the worlds fifth largest private bank. The HSBC Republic brand has served us well and many of our customers and staff feel great respect and affection for the name. The new brand is a necessary step in the ongoing growth and development of HSBCs private banking business, emphasising its strategic importance within the HSBC Group.
Signage, cheque books, credit cards, forms, stationery, and advertising and marketing materials will all be changed to HSBC Private Bank by the end of June 2004 to build and reinforce the new brand. Legal names of the Groups private banking companies will be changed where appropriate to be consistent with the new brand, after obtaining all necessary regulatory approvals.
The HSBC Private Bank name replaces HSBC Republic, which was adopted in January 2000 when HSBC merged its existing major private banking businesses with those of the newly acquired Republic New York Corporation and Safra Republic Holdings and, subsequently, those of CCF.