ZURICH (Reuters) – HSBC has reached an agreement to refer some of its Latin American private banking clients, primarily in Central America and the Andean region, to Switzerland’s UBS, according to an internal memo seen by Reuters.

The agreement completes HSBC’s efforts to streamline its private banking business, a process which has resulted in a number of disposals in recent years.

“This decision reflects a refocusing of our strategy on those Latin American markets where we have existing scale in our portfolio and where we have identified growth opportunities for our private banking business, in particular Argenti…
Reuters: Money

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