HSBC sets out new European private bank structure

LONDON: HSBC said on Monday it will consolidate its private banking units in the UK, Channel Islands, France, Germany, Switzerland and Luxembourg into a single regional structure with immediate effect.

The new structure, which will be called HSBC Global Private Banking, EMEA, will be led by Chris Allen, who has been appointed regional head of global private banking.

"This will create a regional private banking business that is more integrated, strategically aligned and well positioned to deliver continued growth for HSBC Private Banking," the bank said in a statement, adding its strategy will be unchanged.