LGT Group Foundation, Liechtenstein’s biggest bank, has agreed to acquire select private banking assets from HSBC Private Bank in Switzerland, a transaction which includes over CHF 10 billion in assets and approximately 70 staff.
The acquired business will be integrated into LGT Bank Switzerland, which held CHF 21 billion assets under management (AuM) at the end of 2013, and will lead to a total AuM of over CHF 30 billion for the Swiss arm. LGT Group overall is expected to increase its AuM to around CHF 120 billion.
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In addition, the teams who are currently looking after their respective clients will transfer to LGT and the bank intends to keep all transferring employees. Moreover, it aims to hire additional staff in Switzerland to accommodate the expected growth.
H.S.H. Prince Max von und zu Liechtenstein, CEO of LGT Group, said: "We welcome the new clients and employees who fit well with our growth strategy, and in particular with our goal of improving our footprint in growth markets. In turn, I am convinced that our long term orientated ownership and governance, our strong capitalisation, our track record of financial stability and stable growth, as well as our leadership in alternative investment products, will represent an attractive proposition to clients and staff transferring to LGT."
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