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HSBC Private Bank (Monaco) S.A. Jun 08
Standard & Poors, June 2008
Abstract
Core to HSBC group's private-banking operations Low risk profile because of its concentration on private banking Very sound liquidity and capitalization Monoline business Exposure to unforeseen changes in fiscal advantages and banking secrecy in its domestic operating environment Potentially volatile fee income Operating performance dependent on Monaco's prospects as a financial center The ratings on HSBC Private Bank (Monaco) S.A. (PBM) reflect its ultimate ownership by HSBC Bank PLC (AA/Stable/A-1+) and its core positioning within the private-banking operations of HSBC group. The ratings also reflect the low risk profile of PBM's core private-banking business, which provides for sound liquidity and capitalization. In contrast, relatively high business and geographic concentration leaves the bank exposed to potentially volatile transaction-based fee income, changes...
Companies mentioned in this report are: HSBC Private Bank (Monaco) S.A.,HSBC Bank PLC,HSBC France,HSBC Holdings PLC,HSBC Private Bank (Suisse) S.A.,HSBC Private Banking Holdings (Suisse) S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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