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Monaco Private Bank makes the grade
22 June 2005
HSBC’s Private Bank in Monaco has become the first bank in the Principality to be accredited by ratings agency Standard & Poor’s.
Gerald Cohen, Chief Executive of the Private Bank in Monaco, was "extremely proud" to receive the credit ratings of ‘AA-’ long-term and ‘A-1+’ short-term. He added: "The ratings reflect the exceptional quality of our products and services and the HSBC Group. They underpin the high standards our clients expect and deserve.
"Many ultra high net worth clients make decisions in a similar way to institutional clients. This means they often check the credit rating prior to committing significant funds to a bank. We are delighted that we can now offer our clients that extra peace of mind on a local as well as Group level."
The new ratings are the same as those assigned to HSBC Private Banking Holdings (Suisse) SA and HSBC Private Bank (Suisse) SA.
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Media enquiries to pressoffice@hsbc.com
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