HSBC will launch an enhanced private banking service in Canada this year, a spokeswoman for the bank has confirmed to WealthBriefing.

While she said it was premature to discuss the details of the enhanced offering, it is likely the group will open a new office there, as Canada currently doesn’t have a designated private banking location, even though the firm has provided private banking services to Canadan clients for a number of years.

HSBC’s Canadian private banking clients are currently serviced by one of seven locations in the US in California, Connecticut, Delaware, Florida, Illinois, Massachusetts and New York.

HSBC in Canada currently offers a full service brokerage though HSBC Securities; and personal trust services, will and estate planning, investment administration and agency for executor through HSBC Trust Company.

Private banking accounted for 5.5 per cent of the group’s profits globally in 2006.