Summary: HSBC Private Bank (Monaco) S.A. Dec 06

Standard & Poors, December 2006

Abstract
The ratings on HSBC Private Bank (Monaco) S.A. (PBM) reflect its ultimate ownership by HSBC Bank PLC (AA/Positive/A-1+) and its core positioning within the private-banking operations of the HSBC group. The ratings also reflect the bank's low risk profile, given the nature of its core private-banking business, which provides for sound liquidity and capitalization. In contrast, PBM's relative business and geographic concentration leaves the bank highly exposed to changes in fiscal and regulatory regimes, which could have adverse effects on its core business. PBM is a direct subsidiary of HSBC Private Banking Holdings (Suisse) S.A. (Suisse) S.A. (PBH; AA/Positive/A-1+), which houses the majority of the HSBC group's private-banking operations worldwide. With upwards of $12.4 billion in assets under management as...

Companies mentioned in this report are:
- HSBC Private Bank (Monaco) S.A.
- HSBC Bank PLC
- 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- HSBC Private Bank (Monaco) S.A.
- HSBC Bank PLC
- HSBC Private Banking Holdings (Suisse) S.A.

Customers who bought this item also bought

• The Spain Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• World Guide to Foundations 2013
• Aerospace and Defense Industry - Global Strategic Business Report
• The European University Libraries Directory 2013
• The Greece Defense Industry - Competitive Landscape and Strategic Insights to 2017: Market Profile
• Mytilineos Holdings S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
• Eurocopter S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
• International Military and Civilian Unmanned Aerial Vehicle Survey
• Amper S.A. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
• The Romanian Defense Industry to 2015 - Competitive Landscape and Strategic Insights