HSBC Private Bank is consolidating its European private trust and fiduciary administration services into a single centre based in Jersey.

HSBC Private Bank is consolidating its Swiss-based European private trust and fiduciary administration services into a single centre based in Jersey.

HSBC said in a statement that the move will result in benefits of scale and allow HSBC Private Bank’s European trust business to focus its investment for growth in one location.

Franco Morra, global private bank regional head, EMEA, said HSBC remained committed to Swiss private banking and would establish a trust front office in Switzerland.

“The concentration of our European administration services in one hub in Jersey, where we already manage some of our largest trust relationships, will further improve our operational efficiency and will ensure that the structures we administer meet the ever growing regulatory requirements,” said Morra.

“Also, to accommodate the additional business arising from the transfer, HSBC Private Bank is currently adding a number of roles to its trust administration teams in Jersey,” he added.