Swiss private bank Edmond de Rothschild is planning to expand its private banking capabilities in Hong Kong, and aims to add 10 staff in the coming year.

Additionally, the bank is also planning to establish a Singapore office in a move to expand its asset management group, by seeking for a partner in Asia, according to AsianInvestor.

Recently, the firm has appointed Monique Chan as CEO of Asian private banking. Chan will be responsible for hiring relationship managers in Hong Kong.

Christophe de Backer, Geneva-based CEO of Edmond de Rothschild, said: "It has taken two years to invest to make sure this platform is solid. And we have to hire fast – we’re aggressive on our hiring target."

Additionally, the firm expects to raise CHF40 billion (US$44 billion) by 2016 in both its private banking and asset management groups.

In Hong Kong and China, Edmond de Rothschild will target on high-net-worth and ultra-high-net-worth individuals as well as institutional investors.

The firm will also offer advisory and discretionary services in Hong Kong with the help of its private banking license secured in 2011.