The British banking group is unifying the ultra-high net worth teams within its private bank.

HSBC Private Bank is combining its UK and international ultra-high net worth units to form a single relationship management group serving this client segment.

“The new UHNW structure reflects HSBC Private Bank’s increasing focus and growing franchise with this important client segment, as it strives to become the private bank of choice in the UK,” a spokesperson for the London/Hong Kong-listed group said.

HSBC has appointed Raffaello Nemn, previously desk head for the bank's European clients, to lead the newly expanded UHNW team. He joined HSBC last year having previously held various client-facing leadership roles at Credit Suisse and UBS Wealth Management in London. He has also been the general manager of Bank J Safra. 

Nemn, who has more than 20 years of experience within the wealth management industry, will continue to be based in London in the new role.

The announcement comes after HSBC Private Bank's pre-tax profits fell to $81 million in the three months to end-September from $190 million a year before.

The group, which has a strong presence in Asia, recently announced a shake-up of its board, including the departure of its longest serving non-executive directors, Rona Fairhead and Simon Robertson, and the appointment of Diageo's former chief executive, Paul Walsh.