#HSBc According to news reports, including one from the Financial Times, HSBC's Swiss private bank is terminating its relationships with more than 1,000 wealthy Middle Eastern clients, many of whom have assets exceeding $100 million.

Reasons and Motives 📜#اخبار_اليوم

This move comes as part of the bank's efforts to reduce its exposure to individuals it considers high-risk. This strategic shift follows intense scrutiny from Swiss regulators, specifically the Financial Market Supervisory Authority (FINMA). The regulator found that the bank had not conducted sufficient due diligence on high-risk accounts held by "politically exposed persons" (PEPs). Affected Customers 🌍

The affected customers come from several countries in the Middle East, including:

* Saudi Arabia

* Lebanon

* Qatar

* Egypt

These customers will be informed that they can no longer deal with the bank's Swiss Wealth Management division and will be given a grace period to transfer their accounts to other banks.