HSBC Private Bank (Monaco) S.A. Sep 10

Standard & Poors, September 2010

Abstract
Core to the HSBC group's private banking operations. Low risk profile because of concentration on private banking. Very sound liquidity and capitalization. Monoline business. Exposure to potential changes in fiscal advantages and banking secrecy laws in 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, under Standard & Poor's Ratings Services' group methodology for rating group entities, within the private banking operations of the HSBC group. As a result, the ratings on PBM are equalized with those on HSBC Bank PLC. On a stand-alone basis, PBM exhibits the low risk...

Companies mentioned in this report are:
- HSBC Private Bank (Monaco) S.A.
- HSBC Bank PLC
- HSBC Holdings Luxembourg S.A.
- HSBC Holdings PLC
- HSBC Private Bank (Suisse) S.A.
- HSBC Private Banking Holdings (Suisse) S.A.
- HSBC Private Bank (C.I.) Ltd

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

- HSBC Private Bank (Monaco) S.A.
- HSBC Bank PLC
- HSBC Holdings Luxembourg S.A.
- HSBC Holdings PLC
- HSBC Private Bank (Suisse) S.A.
- HSBC Private Banking Holdings (Suisse) S.A.
- HSBC Private Bank (C.I.) Ltd

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