ZURICH, Dec 13 (Reuters) - The Swiss private banking arm ofHSBC Holdings Plc is not for sale, its head said in anewspaper interview published on Saturday.
Asked whether HSBC wanted to sell its Swiss business, FrancoMorra, chief executive of HSBC Private Bank (Switzerland), toldSwiss newspaper Finanz und Wirtschaft: "The Swiss business ofHSBC is not for sale."
He said the bank was growing. "We're concentrating oncustomers in 29 markets who invest at least 5 million Swissfrancs with us," he said.
HSBC said in June it was selling $12.5 billion of privatebanking assets in Switzerland to Liechtenstein's biggest bankLGT Group Foundation but was committed toSwitzerland as an international centre for its global privatebanking business.
HSBC's Swiss arm is currently subject of several taxinvestigations, including in the United States, France andBelgium.
Morra said he was hopeful these issues would be solvedquickly. "We have good reasons for that, particularly in theUnited States," he said, adding the bank was cooperating closelywith authorities in the hope of solving the issue in the nearfuture.
Last month, HSBC Holdings was fined $12.5 million by theU.S. Securities and Exchange Commission resolve charges that itsSwiss private banking business illegally offered services toU.S. clients without being properly registered.
(Reporting by Silke Koltrowitz. Editing by Jane Merriman)
HSBC Holdings (HSBA)