The private banking needs of US citizens living overseas are not better served from the mainland, according to a Bermuda-based cross-border financial management firm.This follows last week’s announcement by HSBC Private Bank that it would stop offering its services to Americans based outside the US following a review, believing those clients would be better served by its private banking teams in the US.Speaking on behalf of her firm, Jennifer Patterson, managing director of Patterson Partners, said that US citizens living abroad could still be well-serviced outside of America irrespective of the Foreign Account Tax Compliance Act.“We disagree that Americans resident abroad are better served from the mainland US,” she said. “Many independent wealth management firms worldwide including Patterson Partners Ltd in Bermuda are providing tax return preparation and reporting services, investment management, expense management and personal financial planning on an integrated basis to this demographic.“In addition, we are aware that at least one bank in Bermuda is investing in the technology and in internal compliance to ensure that the day-to-day banking needs of this important client base can continue to be well-served in their own neighborhood instead of via remote banking and relationships from afar. We believe that tax compliance in the post-economic crisis environment will continue to separate service providers worldwide.”Following the HSBC announcement, a spokesman for Butterfield Bank said: “Butterfield Private Banking welcomes queries from all potential clients who meet our strict ‘Know Your Client’ requirements.”