The Asian Banker

HSBC Trinkaus & Burkhardt to sell Luxembourg private banking business to VP Bank
Jul 22, 2013

July 14th 2013 - HSBC Trinkaus & Burkhardt (International) SA and HSBC Trinkaus Investment Managers SA, wholly owned Luxembourg subsidiaries of HSBC Trinkaus & Burkhardt AG, have entered into an agreement to sell their private banking activities and private banking-related fund business respectively (together ‘the Businesses’), to VP Bank (Luxembourg) SA and VPB Finance SA, (together ‘VP Bank’), which are members of the VP Bank Group. The parent company of the VP Bank Group is Verwaltungs-und Privat-Bank Aktiengesellschaft which is based in Liechtenstein.

At 30 June 2013 the private banking activities to be sold had assets under management of approximately €1.5bn (US$2.0bn) and the private banking-related fund business had assets under administration of approximately €0.7bn (US$0.9bn). Approximately 20 employees working for the private banking business of HSBC Trinkaus & Burkhardt (International) SA are expected to transfer to VP Bank as part of the sale.

The transaction is expected to complete in the fourth quarter of 2013.


Re-disseminated by The Asian Banker

Categories: Markets & Exchanges, Retail Banking
Keywords: HSBC Trinkaus & Burkhardt, VP Bank

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