Private Banking FAMILY ENTERPRISE SUCCESSION SERVICES
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F A M I LY E N T E R P R I S E
S U C C E S S I O N S E R V I C E S
Private Banking
Private Banking | Family Enterprise Succession Services | 1
2 | Private Banking | Family Enterprise Succession Services
Contents
Our Approach 04
HSBC and Family Businesses 07
Our Capabilities 13
Enterprise and Wealth Transition 14
Passing on the Family Business to the Next Generation
Exiting the Family Business and Preserving the Family’s Wealth
Managing your Family’s Wealth 25
Investing your Family’s Wealth
Creating a Family Office to Protect your Family’s Prosperity
Private Banking | Family Enterprise Succession Services | 3
Our Approach
Business can be difficult.
Families can be difficult. With our help,
family businesses don’t have to be.
Entrepreneurs and business responsible for a business and a
owners need a banking partner family, how the two are intertwined,
with one foot in their world and and how you need to balance the
one foot outside of it: someone needs of one with the other.
who understands their vision for
their wealth and for what they We recognise that the balance is
hold dear, and connects them with in constant motion, as both your
opportunities and insights they business, your family and the world
wouldn’t have access to. HSBC itself evolves.
is here to help you advance your
prosperity for both your personal No matter how alarming change
and business needs, now and can be, it’s best to start on the
into the future. front foot. We encourage business
families to make plans for the
HSBC works closely together to future they want and can assist
support our clients from different them in making the difficult
countries and walks of life as they conversations easier today,
grow, manage, preserve and pass so that the difficult decisions
on their wealth. are easier tomorrow.
Every day we work with successful We’re here to help you manage
business owners and entrepreneurs and maintain continuity in times of
from all over the globe, so we change.
understand what it feels like to be
4 | Private Banking | Family Enterprise Succession Services
Private Banking | Family Enterprise Succession Services | 5
6 | Private Banking | Family Enterprise Succession Services
HSBC and
Family Businesses
Change is inevitable.
Ever since we started financing Selling is uppermost in the mind
trade between Europe and Asia of UK entrepreneurs – with 58%
over 150 years ago, we’ve been saying this is their objective – but
working with family-owned far from front of mind in either
businesses across the globe. Hong Kong (30%) and even less
so in mainland China (14%).
We know that they represent a There are similar variations across
large part of the world’s economy, the continents – in Europe selling
but also that at one point every the family business is more
entrepreneur will move from common in Germany (46%) than in
running the family business to either France or Switzerland (37%);
attending to the business of the same in the Middle East, with
the family. the UAE showing 30% with Saudi
Arabia reporting only 17%. Yet in
Our research1 suggests that Australia (49%), Singapore (49%)
almost 40% of business owners and the USA (43%) selling is a
anticipate ownership transition of more popular route.
their business in the next 5 years,
whether to the next generation
or through an exit, but we see
differences across countries.
1
HSBC Private Banking,
Essence of Enterprise Report 2017 Private Banking | Family Enterprise Succession Services | 7
Attitudes towards change are diverse.
We know business owners from Culture has an impact too.
all over the world and we see how Business ownership in the UK,
they come in all shapes and forms, US and France tends to be high
well beyond the conventional way frequency, with success measured
that society looks at them. in terms of the wealth generated.
In the Middle East, mainland
With many nations now having China, Hong Kong and Singapore
one-fifth of their populations over success is more likely to be judged
the age of 65, a golden retirement by the scale of the enterprise that
is being replaced by a sense of the entrepreneur has built.
active ageing. In the US 25%2
of all start-ups were headed by The factors that inspire
entrepreneurs aged between 55 entrepreneurs to start their
and 65, up from 14% in the 1990s. businesses will, in time, affect
In the UK one-sixth of start-ups the type of business owner they
are headed by people over the become, the economic and
age of 50. corporate success they achieve
and the influence they have on the
At the other end of the spectrum next generation of their family.
millennial entrepreneurs evidence
different motivations too. The
younger generation are more
likely to want to leverage their
networks and collaborate, where
their predecessors tended to
prioritise self-reliance. Younger
entrepreneurs are also more
focused on how they can benefit
the broader community as they
build their wealth.
8 | Private Banking | Family Enterprise Succession Services 2
2015 Kaufman Index
You started your business with a plan.
Make sure you leave it with one.
The saying ‘shirtsleeves to Our view of how this can be tackled
shirtsleeves in three generations’ requires families to demonstrate
appears in so many cultures and urgency, planning and preparation
languages and is backed up by ahead of generational transition
research3 showing that a significant and change.
proportion of family businesses fail
to survive generational transition. Research5 into family wealth
Communication breakdown (60%) transition suggests the pre-requisites
and failure to prepare heirs (25%) to success typically include total
are cited as the two biggest factors family involvement, a process that
behind these business succession integrates the decision made by
failure statistics. the family and the learning and
practising of certain skills (including
Our research4 shows that even communication, openness and
for families working on an trust, accountability, team
agreed wealth transition between consensus building, shared values
the generations, perceptions and unifying behind a common
of the quality and clarity of vision) in the family setting.
communication vary significantly:
while parents believe they are Understandably this is likely to
clear on their goals and how to get become a greater challenge as
there – the next generation doesn’t the family grows and the family
always agree. business passes down through
the generations.
3
Williams and Preisser, 2003
4
HSBC Family Enterprise Forum, November 2016
5
Williams and Preisser, Preparing Heirs: Five Steps to
a Successful Transition of Family Wealth and
Values, 2003 Private Banking | Family Enterprise Succession Services | 910 | Private Banking | Family Enterprise Succession Services
Generational transition
– the family journey
From as far back as William find its own way, having to chart
Shakespeare’s play “As You Like its own path, without the additional
It”, literature, thinking and research inter-generational challenges,
has identified that our lives follow whether that be trying to find
a series of stages, with transitions the balance between freedom
occurring as we move between and responsibility for the next
them. generation or having multiple
generations under one roof, let
In families this is made more alone dealing with the sorts of
complex as the different challenges thrown up by the rapid
generations are not only passing changes in technology. And as well
through their own life stages and as planning for how we deal with
transitions, but each generation the inevitable life events, some of
comes with a different view on us will have to deal with unplanned
the world. The senior generation or unforeseen events – family
and baby boomers are being disputes, divorce and incapacity.
succeeded by Gen X, Gen Y and
the teenage Gen Z. With all of this to take into
account, it’s no wonder that each
It sometimes feels enough of a family is unique.
challenge for each generation to
Private Banking | Family Enterprise Succession Services | 11Generational transition
– the business journey
Family-owned businesses have through exit and re-generation
their own growth and transition by the next generation.
path too.6
The business roles and leadership
A first generation business start- dynamics are different too.
up by a single, controlling owner Leadership roles in family
from a nuclear family will grow businesses tend to be for much
in two generations through longer terms than in large, publicly
sibling partnership to a cousin’s owned companies, offering
consortium; perhaps supporting a greater stability on the one hand,
network of families, and it may well but perhaps frustrating personal
have expanded internationally or growth and development on
through acquisition, or alternatively the other.
For years you’ve run the family
business, now it’s time to attend
to the business of the family
Families planning enterprise and Those families that choose to take
wealth transition are embarking in a more proactive approach to these
two revolutions at once, and it may challenges – acting with clarity
be tempting to postpone critical and purpose, communicating
decisions but let’s face it: the openly and building trust – are
awkward conversations will only more likely to build continuity in
ever get more awkward. times of change and create firm
foundations for their family’s future
What you don’t talk about will create prosperity.
confusion, misunderstandings and
disharmony as every person within
the family and the business will
have a different interpretation of
the decisions not yet taken.
6
K. Gersick, J. Davis, M. Hampton, I. Lansberg,
Generation to Generation Lifecycles of the Family
12 | Private Banking | Family Enterprise Succession Services Business, Boston 1997Our Capabilities⁹
At HSBC Private Banking we dedicate the time
required to learn about you, your business,
your family and your plans.
We’ll build a relationship with you, because it’s the
only way to have honest conversations about the
most important and intimate decisions of your life,
and to identify the right solutions at the right time.
On the next pages you’ll learn how to make sure
that your succession plan is a success.
9
Not all of the capabilities listed are available in all
jurisdictions. Please contact your Relationship Manager
for more information. Private Banking | Family Enterprise Succession Services | 13Enterprise and
Wealth Transition
Succession planning is not
going to go away. But if you don’t do it,
your business might.
Enterprise and wealth transition are too many siblings are eager to
the issues that should always be take on the company, and they
discussed before they become want to avoid the rivalry and
an issue. disappointments that would
disrupt the family. We’ve seen how
They can be approached together balancing fairness and meritocracy
or separately, but they both require can feel like an impossible
preparation and dialogue. equation, but trying not to hurt
feelings can hurt the business.
At first glance, business ownership
transition is a simple choice That’s why it’s important to make
between two options: passing plans in advance, and design a
the family business on to the next framework for decision-making
generation or selling it to a third that both the business and the
party. Whatever your preference family can recognise. Doing that at
is, it’s important that it remains a the right time and in the right way
choice, and not an inevitability. will not only give the family more
options in times of change, but
Some business owners find also make it easier to manage
themselves forced to exit the their future and their wealth down
business for a lack of successors. the line.
Others end up in the same
situation for opposite reasons:
14 | Private Banking | Family Enterprise Succession ServicesPrivate Banking | Family Enterprise Succession Services | 15
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Passing on the business to the
next generation to ensure business
and wealth continuity.
Planning strategically in business and the family’s wealth is such a
often comes naturally, even challenge. And that’s before the
when there’s the added focus question of the family’s legacy over
and pressure of it being a family- the longer term is considered.
owned business. The same level
of strategic thinking is not so For those who want to grow the
often applied to the development family and the family business
of families and family members, together, planning starts earlier and
which tend to follow or be takes longer. Sharing the passion
organised around a series of life and drive that the family has for the
stages – the early years, primary family business tends to happen
and secondary education, within the family from when the
university, and then the children next generation are quite young.
leaving the family home or nest to For family businesses to succeed
develop the path of their own lives. over long periods of time, the
Very often the aim of parents is to generations need to have a shared
support their children in developing sense of purpose and vision for
their own sense of purpose to the future.
pursue what really interests them.
So it’s not surprising that combining
strategic business planning with
strategic planning for the family
Private Banking | Family Enterprise Succession Services | 17HSBC Private Banking
Capabilities
Our family governance and Formulating the family vision
wealth planning specialists
»» Establishing and recording the family’s agreed
have considerable experience shared goals and objectives
working with multiple
»» Articulating the family’s shared philosophy,
generations of families to assist values and culture
them in developing their own
»» Creating the family’s vision for the future of the
perspective, as well as a wider family business and wealth
family perspective, to support
the continuity of the family and Developing a family governance framework
the family business through the
generations. »» Strategic analysis of your family’s situation,
current ownership structures and governance
practices
»» Preparation of a family governance blueprint
covering the structures through which the
family business and wealth is held
»» Assistance in drawing up family governance
documentation and advice on the establishment
and operation of such committees, bodies or
structures as required under the governance
framework
Building a succession plan for the management,
ownership, and governance of the family business
»» Inter-generational succession planning for the
family business and wealth
»» Fostering family communication and unity
18 | Private Banking | Family Enterprise Succession ServicesFamily wealth structuring Philanthropy
»» Assistance with wealth planning and structuring »» Help you to establish and grow strategic
advice across jurisdictions and generations philanthropic structures and approaches in
support of the causes that matter to you and
»» Help with the implementation of your chosen your family
solutions to enhance your family’s control over
your financial position and facilitate its orderly »» Provide support at every step from initial vision
succession, as well as protecting the safety, and planning through to the implementation
security and confidentiality of your assets and ongoing management of your philanthropic
structure
Financial planning
»» Help to identify and formulate your personal
goals, assessing a wide range of options that
will meet your financial and wider goals
»» Produce a personalised strategy for your wealth
»» Advise you how to hold, protect, manage and
transfer your wealth in line with your goals and
as efficiently as possible
Investment strategy and portfolio construction
»» Assistance for you and your family in the
management of the proceeds of your financial
assets
Private Banking | Family Enterprise Succession Services | 1920 | Private Banking | Family Enterprise Succession Services
Exiting the Family Business
and Preserving the Family’s Wealth.
Selling the family’s business can but also often with business
be an investment in your family’s associates or communities you
future. have worked with and within for a
long time, whilst also looking to the
Many paths lead to the eventual future. All of this can be mixed with
exit from a business. For some the uncertainty of a sale process
the exit is a natural transition after that may or may not complete.
many years or generations building
and investing in a business. For Additionally, a large number of
others the exit is planned from the business sale processes start for
outset. And the journey beyond unplanned reasons, whether that
the exit is equally varied, with be due to a family situation, an
some business owners looking to issue between business partners,
retirement, some starting up new concerns about future trading
ventures, and others looking to a prospects or even an unexpected
new or different role, for instance, offer for the business.
as an angel investor or working in
the charitable sector. With the experience we have
gained through working with a
Exiting from a business that you large number of entrepreneurs our
have built is a difficult process that approach is to start the planning
requires preparation on both the and preparation early, being ready
business and personal levels. for the unexpected or expected
It involves a simultaneous process challenges alike.
of letting go, not just personally,
Private Banking | Family Enterprise Succession Services | 21HSBC Private Banking
Capabilities
Our wealth and financial planning Preparing for the sale of your business
specialists have deep experience
in supporting business owners and »» Having worked with many entrepreneurs
looking to exit their business we can help you
their families through the exit from
to understand the varied factors that should be
their business. They will help you considered as you plan your next steps
to take a step back and consider
matters through a personal »» We will share the experiences and perspectives
we have gained regarding the preparations
and family lens, evaluating and entrepreneurs undertake
reflecting on what matters most
to you and your family, and then »» And help you to develop plans for yourself and
your family, getting the balance right between
putting in place the necessary
your head and your heart as you work through
steps to realise your plan. the questions that need to be answered
Global Solutions Group (GSG)
»» GSG can provide access to HSBC’s strategic
advisory services globally which may be able
to provide transaction support in business
valuation, sell-side advisory including buyer
identification and buyer financings
Family wealth structuring
»» We can assist you with wealth planning
and structuring advice across jurisdictions
and generations, and also help with the
implementation of your chosen solutions
»» Wealth structuring and planning can help you
enhance your family’s control over your financial
position and facilitate its orderly succession,
as well as protecting the safety, security and
confidentiality of your assets
22 | Private Banking | Family Enterprise Succession ServicesFinancial planning Commercial banking support for new ventures
»» Help to identify and formulate your personal »» In many markets we can introduce your new
goals, assessing a wide range of options that business to HSBC’s Commercial Banking
will meet your financial and wider goals (CMB) to see whether they are able to support
your needs in transactional banking, hedging,
»» Produce a personalised strategy for your wealth working capital, asset financing and liquidity
management
»» Advise you how to hold, protect, manage and
transfer your wealth in line with your goals and »» If you allow it, we can facilitate the opening of
as efficiently as possible a relationship with CMB by using our existing
knowledge of you and your source of wealth.
This is just one way of benefitting from your
Philanthropy existing Private Banking relationship; others can
include cross-collateralisation of credit facilities
»» Help you to establish and grow strategic from personal assets or future dividends
philanthropic structures and approaches in
support of the causes that matter to you »» Through CMB you may also be able to access
and your family business education and networking seminars
»» Provide support at every step from initial vision »» Your Relationship Manager will be able to check
and planning through to the implementation on CMB’s market coverage and eligibility of
and ongoing management of your philanthropic your business
structure
Private Banking | Family Enterprise Succession Services | 2324 | Private Banking | Family Enterprise Succession Services
Managing your
Family’s Wealth
It’s time to go from investing
in your family business to investing
in your family’s wealth.
Whether you are looking to you saw as commonplace you
grow, manage or preserve it, might see as uncomfortable.
your approach to your family’s Or alternatively as you look to the
wealth should start with a deep longer term preservation of your
understanding of your goals. wealth you are looking for more
In other words, what’s the sophisticated opportunities to
purpose of your wealth? diversify your family’s wealth.
This can sometimes feel hard to Your view of the purpose of your
determine and even harder to wealth will also be a reflection of
articulate – perhaps it differs from your values and beliefs, perhaps
other members of your family or influenced by the generations of
because you are in the growth your family that preceded you, in
phase for your wealth – but doing the same way that your values and
so can help you to separate the beliefs are likely to influence your
conflicting emotions that arise next generation.
when family, business and wealth
are so closely entwined. Your wealth will take a number of
different forms over your lifetime
Your view of the purpose of your – family businesses, property or
wealth changes over the years financial assets – or indeed be a
as your life and the lives of those mix of these. Understanding how
close to you develop and change. the forms in which your wealth
And so will your attitude to your is held relate to the purpose of
wealth – opportunities that you your wealth can help to clarify the
see as very exciting in your earlier objectives specific to each as well
years, may seem adventurous as to your overall wealth goals.
sometime later, a level of risk that
Private Banking | Family Enterprise Succession Services | 25Investing your Our approach
Family’s Wealth
With a clear understanding of the »» We favour investing for
broader purpose of your wealth, the long run and remaining
the role it plays in your life and invested
what you need it to do for you, we
will open up opportunities that can »» Our long-term investment
support your financial goals – view supports a diversified
a mix of the level of return you investment approach
wish to see, the level of risk you
are comfortable with and are able »» The anchor for your
to withstand, and the degree investments should be a
of liquidity you need in your strategic asset allocation that
investments. on the one hand optimises the
highest level of expected return
for a given level of risk appetite,
whilst on the other achieves
diversification across asset
classes and geographies
»» This is not meant to be
a straitjacket. It allows
you to decide the level of
involvement you wish to have
in the management of your
investments and alongside your
core investment approach you
can build in satellite themes to
exploit tactical opportunities or
secular themes
»» And of course we will build in
your requirement for liquidity to
satisfy your shorter-term cash
flow needs
26 | Private Banking | Family Enterprise Succession ServicesHSBC Private Banking
Capabilities
Our investment capabilities are
designed to suit your individual
needs and requirements.
Advisory Services Managed Solutions
»» Allow you to retain control across all investment »» Allow you to delegate the management
decisions, supported by our advice on portfolio of your investment portfolio to dedicated
construction and investment opportunities specialists, taking advantage of our global
expertise and reach without the need to
»» Provide guidance to help you develop an asset be involved in the day-to-day management
allocation strategy and investment guidelines of your investments
tailored to your needs, goals, time horizon and
risk/reward expectations »» The investment solutions you choose will
be tailored to your specific circumstances,
»» Monitor your portfolio and inform you when investment objectives and risk tolerance
relevant opportunities arise or portfolio
adjustments seem appropriate »» Include Discretionary Wealth Management
Solutions and Alternative Investments (Private
»» Provide wide access to all asset classes: Equity, Hedge Funds, Real Estate) and Mutual
Funds
»» Equities
»» Fixed Income
»» Funds Credit Advisory
»» Structured Products
»» Alternative Investments
»» Capital Markets Solutions including »» Provision of a full range of credit solutions to
derivatives, foreign exchange and allow the efficient use of your personal wealth
precious metals to maximise returns, including:
»» Lending against financial assets, including
Self-Directed Investments stocks, bonds, and funds
»» Real estate financing
»» Single stock lending
»» Allow you to make your own investment »» Specialised asset financing
decisions and have full control of your portfolio »» Life insurance premium financing
Themes and Ideas
»» From seminars to asset allocation views,
to portfolio considerations, ad hoc market
commentary and high conviction themes,
our aim is to keep you up to date
Private Banking | Family Enterprise Succession Services | 27Creating a Family Office to Protect your Family’s Prosperity
At the heart of the decision to But family offices are complex Once the family reaches an
create a family office is whether organisations operating in a agreement on this, it can move on
the family wishes to invest sophisticated and demanding to what vehicle is best suited to the
together, today, tomorrow and into environment, often involving delivery of their objectives for the
the future. For families who do, a significant regulatory and reporting management of their wealth, from
family office provides a number of requirements, and cross-border a dedicated, single family office,
potential advantages and benefits, legal and tax planning. So beyond to a multi-family office or even a
over and above the aim of the the central decision of whether the “virtual” family office involving a
long-term growth and preservation family wishes to invest together, mix of in-sourced and out-sourced
of the family’s prosperity, including: there are a number of further provision.
questions that will need to be
»» Dedicated staff providing a answered: However, if family members have
highly tailored service different views or objectives for
»» What is the range of services their wealth or are not comfortable
»» Confidentiality of the family’s that you expect your family in answering the many other
affairs office to provide? questions, then the creation of a
family office may not be the right
»» Control over the processes »» Is the family’s wealth and the solution.
level of return that can be
»» Aligned interests in the generated at a sufficient level
management of the family’s to justify the expense?
wealth
»» Does the family have the time
and expertise to create and
oversee the family office and
be involved in the investment
process, now and into future
generations?
»» Can the family recruit and
manage a team of trusted
advisers in whom they will
place the management of
the family’s wealth?
28 | Private Banking | Family Enterprise Succession ServicesHSBC Private Banking Capabilities
We have considerable experience in designing and administering ownership structures adapted to the needs of
international families with diverse assets.
Setting up a family office Customised Credit Solutions
»» Supporting the design and assisting in the »» In addition to real estate financing and Lombard
implementation of a family office lending we can provide clients with customised
credit solutions for their personal and corporate
»» Assisting in the creation of the ownership investment vehicles including leveraged
structure for the family office acquisition finance, strategic equity financing
and specialised asset financing
»» Ensuring that management and control of
the family office is integrated into the wider
governance for the family Global Liquidity and Cash Management Services
»» Assisting in the design of the process for »» Enable clients to maximise control of their
selecting advisers and service providers payments and cash flows in addition to
providing yield-enhancing solutions for the
surplus liquidity
Capital Raising and Investing in Equity
and Debt Issuance
Global Solutions Group (GSG)
»» Support clients with the capital requirements for
their corporate entities through debt and equity »» GSG provides selected suitable clients with
raising in the private and public markets opportunities to invest directly in real assets10,
which can include real estate, whole businesses
»» Provide sophisticated clients with the or stakes in businesses. These opportunities
opportunity to participate as investors in debt are sourced through the HSBC franchise. We
issuance in public and private markets also provide buyside advisory and financing for
real assets that clients may have identified from
other parties
Global Custody Solutions
Support for portfolio businesses
»» Designed for clients who require institutional-
level Custody, Investment Administration and »» In many markets we can introduce your
Asset Financing services, Global Custody portfolio businesses to HSBC’s Commercial
leverages HSBC Securities Services, one of the Banking (CMB) to see whether they are able
world’s largest securities services providers with to support needs in transactional banking,
over $6.6trn of assets under custody, and has a hedging, working capital, asset financing and
network covering 89 markets liquidity management
»» Global Custody allows clients to consolidate all »» CMB may also be able to assist with a strategic
their assets with one Global Custody bank while review of the balance sheet and look to support
maintaining relationships with multiple brokers equity and debt issuance and leveraged
and asset managers acquisition finance
»» Your Relationship Manager will be able to check
on CMB’s market coverage and eligibility of
your business
10
The services listed are not available in all jurisdictions.
Please contact your Relationship Manager for more
Private Banking | Family Enterprise Succession Services | 29
information.30 | Private Banking | Family Enterprise Succession Services
How can we help?
HSBC Private Banking helps the various factors you need to
individuals and families who have consider and help you to plan your
accumulated wealth through next steps. Working through the
enterprises to grow, manage, and questions you need answered,
preserve their wealth. We believe we can help to get the balance
today’s entrepreneurs need a between what your head and your
banking partner who shares and heart are telling you.
understands their vision for their
wealth—and HSBC is that partner. To learn more about the ways
HSBC Private Banking can support
Whether you are just beginning to you during the planning, execution
contemplate family enterprise and and subsequent management of
wealth transition or whether you your family enterprise and wealth
are ready to move forward with transition, please contact your
it, we can help you understand Relationship Manager.
www.hsbcprivatebank.com
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reproduced, stored in a retrieval system, or should consult with a registered tax agent
Services Commission.
transmitted, on any form or by any means, to determine your personal tax obligations.
electronic, mechanical, photocopying, In Guernsey, this material is distributed by
In South Africa, HSBC Private Bank
recording or otherwise without prior written HSBC Private Banking (C.I.) a division of
(Suisse) SA is registered as an authorised
permission of HSBC International Trustee HSBC Bank plc, Guernsey Branch which is
financial services provider (FSP) with the
Limited. licensed by the Guernsey Financial Services
South African financial services regulator,
Commission for Banking, Insurance and
Private Banking may be carried out the “Financial Sector Conduct Authority”
Investment Business. HSBC Bank plc is
internationally by different HSBC legal (FSCA) under FSP number 49434.
registered in England and Wales, number
entities according to local regulatory 14259. Registered office 8 Canada Square, In the United States, HSBC Private
requirements. Different companies may London, E14 5HQ. HSBC Bank plc is Banking offers banking services through
provide the services listed in this document authorised by the Prudential Regulation HSBC Bank USA, N.A. – Member FDIC
within HSBC Private Banking or other Authority and regulated by the Financial and HSBC Private Bank International,
members of the HSBC Group. Conduct Authority and the Prudential and provides securities and brokerage
Some services are not available from Regulation Authority (UK FCA reference services through HSBC Securities (USA)
certain locations. number: 114216). Inc., member NYSE/ FINRA/SIPC, and an
affiliate of HSBC Bank USA, N.A. Insurance
Some HSBC Offices may only act as In DIFC, HSBC Private Bank (Suisse) S.A.,
services are provided by HSBC Insurance
representatives of HSBC Private Banking, DIFC Branch is regulated by the Dubai
Agency (USA) Inc., a subsidiary of HSBC
and are therefore not permitted to sell Financial Services Authority (DFSA) and
Bank USA, N.A. Residential Mortgages
products and services, or offer advice to FINMA. This document is directed at
are provided by HSBC Bank USA, N.A.
clients. They serve as points of contact Professional Clients only as defined by the
Investment products are: Not a deposit
only. Private Wealth Solutions products and DFSA and should not be acted upon by any
or other obligation of the bank or any
services are marketed by Wealth Planners other person. HSBC Private Bank (Suisse)
affiliates; Not FDIC insured or insured by
who may be located in either a bank or S.A. –DIFC BRANCH P.O. Box 506553
any federal government agency of the
non-bank entity of HSBC Private Banking. Dubai, United Arab Emirates.
United States; Not guaranteed by the bank
Please refer to your local Wealth Planner for In Luxembourg, HSBC Private Bank or any of its affiliates; and are subject to
further information. (Luxembourg) S.A. is regulated by the investment risk, including possible loss of
‘Private Wealth Solutions’ is the marketing Commission de Surveillance du Secteur principal invested.
name for HSBC International Trustee Financier (CSSF).
HSBC International Trustee Limited and
Limited and its affiliates. ’HSBC Private In Hong Kong, HSBC Trustee (Hong Kong) its affiliates also provide fiduciary services
Banking’ is the principal marketing name Limited is registered as a trust company in the British Virgin Islands. These entities
for the HSBC Group’s international private under the Trustee Ordinance of Hong Kong are regulated to the extent that their local
banking business. and is a non-bank member of the HSBC jurisdictions require. HSBC International
In the United Kingdom, this document Group. Trustee Limited’s registered office is
has been approved for distribution by HSBC Craigmuir Chambers, PO Box 71, Road
In Switzerland, this material is distributed
UK Bank plc whose Private Banking office Town, Tortola VG1110, British Virgin Islands
by HSBC Private Bank (Suisse) SA, a bank
is located at 8 Cork Street, London W1S being the office of the registered agent.
regulated by the Swiss Financial Market
3LJ and whose registered office is at 1 Supervisory Authority FINMA, whose ©Copyright. 2020. HSBC International
Centenary Square, Birmingham, B1 1HQ. office is located at Quai des Bergues Trustee Limited.
HSBC UK Bank plc is registered in England 9-17, 1201 Genève, Switzerland. This
under number 09928412. Clients should be ALL RIGHTS RESERVED.
document does not constitute independent
aware that the rules and regulations made financial research, and has not been GPB/413/10/2019
under the Financial Services and Markets prepared in accordance with the Swiss (October 2019)
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