HSBC Private Bank breaks a run of bad press

Edith Hancock
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HSBC has been in the headlines for all the wrong reasons lately, so imagine the sheer relief on the face of its Private bank chief, Francesco Morra, as Private Banker International (PBI) handed the bank an award for outstanding work with international clients.

The PBI London Awards, dedicated mainly to the UK and European markets, were set up to congratulate institutions setting new standards in the wealth management industry.

They say good things come in threes, so HSBC will no doubt be awaiting its third bit of luck for the day after Swiss prosecutors dropped their investigation into its private bank yesterday.

Patrick Humphries, HSBC’s head of communications, said: “Any good news is positive. There’s been a whole bunch of bad news about HSBC that’s very historic. What we’ve been doing is focusing on developing the business of our commercial clients.

“We’ve made really good progress with our private banking sector, providing us with a strong base to move on from and get in shape.”

The judging criteria include demonstrating a unique strategy for business growth, superior customer service, and strengthening the reach of their brands.

▪ Time for die-hard Hammers to update their match-day wardrobe; social trading network eToro has announced it will partner West Ham United next season. The social investment network, with over 4.5m international users, announced the deal today, ahead of West Ham’s move to the Olympic stadium in 2016. The deal has come at a good time for eToro, which has just secured funding from three major banks. EToro says users of its bespoke platform are “tapping into the wisdom of the crowd and encouraging people to connect with one another to discuss, trade, invest, learn and share knowledge across the network’s platform.”