HSBC Private Bank UK targets high-net worth individuals with a minimum of $2m to invest. The business currently uses City agency M:Communications and is understood to have held pitches with four agencies last week, after initially asking as many as ten for submissions. It is thought that M: has repitched for the account.
Lisa Baitup, head of media relations, global asset management & global private banking at HSBC, confirmed that the bank had 'spoken to a number of agencies' in recent weeks.
She added that the pitch was driven by reasons of good governance and that the UK private banking business had built a 'long and successful' relationship with M:Communications.
The successful agency is expected to begin work on the account in January.
HSBC's global private banking business provides services to high-net worth individuals across 95 locations in 37 countries.
The business is headquartered in the UK, with this brief covering just the UK market.
The wider HSBC Group retains the strategic comms business of FTI Consulting, formerly FD, to handle its global financial PR.