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HSBC winding down Monaco private bank after deal with CFM Indosuez

Reuters
A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. REUTERS/Stefan Wermuth/File Photo

ZURICH (Reuters) - HSBC (HSBA.L) plans to wind down its Monaco private bank and has agreed to introduce clients in the principality to CFM Indosuez Wealth Management, it said on Wednesday, as it seeks to streamline its wealth management business.

"It draws to a close the restructuring of our European private banking operations, with the future focus being on growing our business with strategic clients of the group," HSBC Private Bank said in a statement.

(Reporting by Joshua Franklin; Editing by Michael Shields)