HSBC Private Bank and financial technology firm Avaloq have signed an agreement for the bank to use the Avaloq Banking Suite.

HSBC Private Bank and financial technology firm Avaloq have
signed an agreement for the bank to use the Avaloq Banking Suite, starting in a
number of jurisdictions before being deployed globally.

In a first step the solution will be implemented at HSBC
Private Bank’s entities in Switzerland,
Luxembourg, Monaco, Guernsey and Bermuda,
before a wider rollout in other global entities. The Avaloq Banking Suite is a solution
for financial institutions such as wealth managers, private and retail banks.
The modular solution ranges from the front via the middle to the back office.

The Avaloq Banking Suite supports HSBC Private Bank in
simplifying and standardizing processes on a global scale and in centralizing
its operations where desired. HSBC Private Bank gains efficiency from a shorter
time to market new products and services, according to a statement issued by
the firms.