HSBC Private Bank in Monaco has been awarded high credit ratings by Standard & Poor’s, the international ratings firm. The accreditations ar...

HSBC Private Bank in Monaco has been awarded high credit ratings by Standard & Poor’s, the international ratings firm. The accreditations are the first ever ratings to be awarded to a bank in Monaco. HSBC Private Bank received counterparty credit ratings of AA- long term and A-1 short term. The private bank asked S&P to make an evaluation to deal with an increasingly demanding client base, according to a statement from the bank. "Many ultra high net worth clients make decisions in a similar way to institutional clients, said Gerard Cohen, chief executive of the private bank in Monaco. “This means they often check the credit rating prior to committing significant funds to a bank.” The rating is the same as for HSBC Private Banking Holdings (Suisse) and HSBC Private Bank (Suisse).