HSBC Private Bank in Switzerland terminates business dealings with over 1000 clients from the Middle East.

HSBC Holdings' Swiss private bank is gradually terminating its business dealings with some Middle Eastern wealthy clients, including many clients with assets exceeding $100 million. This move is aimed at reducing the bank's reliance on individual clients that it considers to be higher risk. According to sources, more than 1,000 clients from Saudi Arabia, Lebanon, Qatar, and Egypt have been informed that they can no longer conduct banking transactions in HSBC's Swiss wealth management business. In an email statement, HSBC said that as part of its "reshape the group to accelerate strategic delivery" plan, the bank is "adjusting the strategic focus of its Swiss private bank."