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HSBC’s Private Banking Business Expands into Another U.S. City

By Alex Padalka May 2, 2018

HSBC Global Private Banking, America, is opening an office in Seattle in part to tap into wealthy newcomers to the area from Asia, according to a press release from the firm.

Mark Pittsey, market head for HSBC’s West Region, will head the new Seattle office, the company says. He will be tasked with hiring investment counselors, relationship managers and support staff, according to the press release.

Opening a private banking operation will let HSBC work together with its commercial and retail banking units as well as its wealth management teams in the region to reach “the growing population of affluent men and women based in the Greater Seattle area,” the company says. This includes “a sizable increase” in Seattle’s population of wealthy individuals originally from Asia, according to HSBC.

“Seattle’s robust local economy, number of large corporates, and growing entrepreneurial scene presents a tremendous opportunity to bring the benefits of HSBC to local high net worth and ultra-high net worth individuals and families,” Joe Abruzzo, head of HSBC Global Private Banking, Americas, says in the press release.

HSBC Private Banking’s target market is business owners and their families, which it provides with services in wealth management and business and family succession services, the firm says.