HSBC will shut down the remainder of its Monaco business after alternative arrangements have been made for any clients who do not transfer to CFM.

The move is a “further simplification” of HSBC’s global private banking business, the bank said in a statement. 

As part of a plan to shift focus to where it can achieve scale, HSBC has recently shrunk its private banking footprint in several markets, including Turkey, Brazil, Bermuda and India.

As reported earlier this week, Credit Suisse is transferring its Channel Islands-based clients to Stenham Wealth Management.