New clients joining the London-based bank’s private banking arm will be required to put forward a minimum of $5m (£4.01m) of investable assets, more than double the current minimum of $2m (£1.6m).
The change will come into effect over “the next couple of years”, a spokesman confirmed.
In its annual report for 2016 the bank said its priorities coming into this year would be to broaden the product offering “to give our staff the tools they need to attract new clients with assets under management of at least $5m”.
Among its strategic objectives outlined in the report it said it would invest in the private banking and wealth management arm to “capture opportunities” and to be “more selective” in the opportunities it pursues.
It added it will invest in current staff to help them deal with the changes, but will also hire more senior private bankers this year who are “better able to acquire and service ultra-high net worth clients”.
