HSBC’s Swiss private banking arm will cut down on its teams servicing North African and Israeli clients following the conviction of a former employee for laundering money for Moroccan drug dealers. However a Hong Kong-based spokesperson has told Asian Private Banker that the investigations were not the primary reason for scaling down the operations. The London-headquartered bank had earlier fired…
HSBC cuts North Africa and Israel private banking teams following drug ring investigation
28 June 2013
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