HSBC has sold off the last private banking office it owns in Geneva, moving staff out of its premises on Quai du General Guisan to rented offices – a move which comes amid what the bank has called “slight” job cuts in the country.

The sale of the building to Hong Kong’s Wyatt Estates II Ltd has netted HSBC SFr108 million ($116 million), Reuters reported. The bank is however investing some SFr70 million in renovating its new riverside premises.

Geneva remains HSBC’s “stronghold” in Switzerland, Franco Morra, chief executive of the bank’s Swiss private banking unit, is reported to have said in a statement on the move.

The sale, which WealthBriefing understands to have taken place some weeks ago, is part of a broad initiative to sell off real estate assets.