International advertising group WPP has been hired by HSBC Private Bank to bring its identity into line with the London-listed bank's retail and Premier offerings, according to a report in the Financial Times.

The new branding will replace the previous “Assume Nothing” campaign which the report says was mistranslated as “Do Nothing” in some countries.

“We are challenged by the fact that we can only do what clients want to do – and they want to sit in cash. It is a dangerous model whereby clients say I want to invest execution-only with no fees,” said Chris Meares, chief executive of the private bank.

The $10 million rebranding exercise represents HSBC Private Bank's first major change in marketing strategy since it was formed in 2004, through the integration of the Republic and Samuel Montagu brands, according to the report.