The Asian Banker
中文
LoginSubscribe

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



Sponsors
Social
Linkedin Twitter facebook
The Asian Banker app is now available for your smartphone
Show Less
About us | Jobs and Internships with us | Contact us | Advertise with Us | | Privacy Policy | Copyrights Requests | Legal Notice | Feedback
RSS FeedRSS Feed | Follow us on Linkedin Twitter Facebook
Copyright 2014, The Asian Banker. All Rights Reserved .