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HSBC Private Bank (Monaco) S.A. Oct 11
Standard & Poors, Oct 2011
Abstract
Core to the HSBC group's private banking operations. Low credit risk profile. Solid liquidity, funding, and capital positions. Business and geographic concentrations. Exposure to potential changes in fiscal advantages and banking secrecy laws in Monaco. Market and operational risks. 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, Standard & Poor's equalizes the ratings on PBM with those on HSBC Bank PLC. PBM is a wholly-owned subsidiary of HSBC Private Banking Holdings (Suisse) S.A. (PBH; AA/Stable/A-1+), which houses most of the HSBC group's...
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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