Since the onset of the financial crisis in 2008, the disclosure of undeclared offshore assets has come to the forefront of public discourse, resulting in active efforts by governments and tax offices in North America, Europe, and even some of the emerging markets to address the matter. Wealth managers should be able to benefit from the changing rules.
HSBC has been in talks concerning a possible sale of its retail banking and wealth management business in Mauritius. However, the lender said that it will remain in the country through its investment banking and commercial units. Discussions are still ongoing, and no definitive plan has been confirmed. Such a divestment would highlight HSBC's commitment to "right sizing" its global presence.
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