HSBC Private Bank is going regional, globally! Fresh after announcing plans to open regional offices in the UK, as first reported in WealthB...

HSBC Private Bank is going regional, globally! Fresh after announcing plans to open regional offices in the UK, as first reported in WealthBriefing, the London-based wealth manager has said that it plans to open regional offices in France. Through its French subsidiary HSBC CCF, the private bank plans to expand its business to Lyon and Marseille by the end of this year, according to a report in a French daily newspaper. The report said HSBC Private Bank France aims to raise its revenue in France by 40 per cent from 2004 to 2008. Part of this ambitious growth strategy is to go regional. The bank also is seeking to go for higher-end clients, those with at least €3 million ($3.8 million) in financial assets. Currently, clients with over €1 million account for 80 per cent of the bank's assets, according to the report. HSBC’s private banking business in France was created at the end of 2003 by merging private banks Banque Eurofin, Banque du Louvre, Bank Privee Intenationale and HSBC Bank France. Last year the local private banking business posted a loss of €21 million due to reorganisation costs, as revenue dropped by 11.9 per cent and assets under management fell by 8.9 per cent to €15 billion.