HSBC Private Bank (Monaco) S.A. was a subsidiary of HSBC Private Bank, headquartered in Monte Carlo, Monaco.
History
HSBC's presence in Monaco began in 1999 when it acquired Republic National Bank of New York and Safra Republic Holdings, both owned by financier Edmond Safra. The transaction was valued at $10.3 billion US dollars, the biggest foreign takeover deal for an American banking company as of then. By purchasing Safra Republic Holdings, HSBC acquired 44 offices holding client funds that total $56.5 billion, and 30,000 international clients in high-margin private banking in Switzerland, Luxembourg and Monaco.[1]
In 2006, HSBC Monaco was the biggest bank in Monaco in terms of assets, with 15 per cent market share of banking in Monaco and total assets under management valued at around $10 billion US dollars. It was also one of the most successful asset gathering subsidiaries of HSBC Private Bank.[2]