Germany-based HSBC Trinkaus & Burkhardt has agreed to sell its private banking and fund business in Luxembourg to Liechtenstein’s VP Bank Group for an undisclosed price.
The units, HSBC Trinkaus & Burkhardt International and HSBC Trinkaus Investment Managers, had assets under management of approximately 1.5 billion (US$2 billion) and 0.7 billion (US$0.9 billion) respectively at 30 June 2013.
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Approximately 20 employees working for the private banking business of HSBC Trinkaus & Burkhardt International are expected to transfer to VP Bank as part of the sale.
Alfred Moeckli, chief executive of VP Bank, said: "With this acquisition, we are making targeted use of the currently attractive market opportunities."
This move is a further sign of industry consolidation as banking secrecy comes under fire and for HSBC the deal comes amid a strategic review of its sprawling private banking activities.
The deal is expected to close in the fourth quarter of 2013.
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