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View the article online at http://citywire.co.uk/wealth-manager/article/a757703

HSBC opens a private banking office in Aberdeen

by Elsa Buchanan on Jun 19, 2014 at 07:10

HSBC opens a private banking office in Aberdeen

HSBC is opening a new private banking office in Aberdeen, which will be headed by Chris Arbuthnott, who has joined the firm from Barclays Wealth as a director.

Arbuthnott was previously a vice president of private banking at Barclays Wealth in the city. Prior to that, he worked at Kleinwort Benson's Edinburgh office, making the move up to Barclays in Aberdeen in 2011r.

'The private bank element was the only missing piece in our jigsaw, but with the appointment of Chris that is now filled,' a spokesperson said. 'We have a good team in Aberdeen and are open-minded about future investment should the need arise as the region and the city are very important to us.'

Alongside its London headquarters, HSBC Private Bank has offices in Birmingham, Cardiff, Leeds and Manchester. The new Queen's Road branch in Aberdeen aims to complement HSBC's existing private banking presence in Edinburgh, and is part of a larger growth plan, which saw the bank announce the creation of 200 jobs across Scotland.

New posts are to be created in Glasgow, Edinburgh and Hamilton, adding to the bank's existing 3,300 staff north of the border. This comes after HSBC said it had seen significant growth in Scotland over the past three years.

In April, HSBC Private Bank Investment Group hired Barclays' discretionary head Oliver Gregson as its new UK investment wealth boss. Gregson, who became head of the Private Bank Investment Group, UK & Channel Islands at HSBC, replaced Dan Ellis, who left the firm for RBC Wealth Management last July.

Headed by chief executive Chris Allen, HSBC Private Bank services clients with $5 million (£2.95 million) or more of investable assets.

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