The Swiss bank operated by HSBC is unloading more than 10 billion Swiss francs ($11.2 billion) in assets managed for wealthy clients as it repositions its business amid a global crackdown on tax evasion.

HSBC said it had agreed to sell a private banking portfolio it manages to Liechtenstein's LGT Group, which is controlled by the principality's royal family. The portfolio, which had $12.5 billion in assets under management at the end of last year, represented slightly more than 10% of the assets under management at HSBC's Swiss bank.