TOKYO - HSBC, Europe's biggest bank, said it would stop providing its private banking service in Japan for clients who hold more than 10 million yen ($124,500) in assets.

The bank said on Wednesday that it would stop accepting new deposits for its HSBC Premier service from Thursday.

HSBC in December retreated from Japan's top-tier private banking market, selling a business that serves the wealthy to Credit Suisse CSGN.VX .