As announced in January 2018, the transaction covers the acquisition of part of Nordea Bank’s business and its integration onto UBS’ platform, thereby providing clients access to its global offering and local expertise. The decision followed a thorough strategic review of Nordea’s Private Banking International activities. The strategic review was part of the transformation of…
Wilmington Trust hired Rohit Malhotra as a senior private banker in the company’s office in New York City. In this role, he will provide complex lending strategies and cash management advice to high-net-worth clients. He will also be responsible for coordinating a broad range of specialized services for clients through Wilmington Trust’s Wealth Advisory and…
Lloyds Banking Group is planning to merge its £13bn wealth management unit into a joint venture (JV) with investment firm Schroders. The successful Lloyds and Schroders wealth tie-up, would create one of the biggest wealth management JVs in the recent years. The proposed tie-up was confirmed by Schroders in a statement. “Schroders confirms that…
Credit Suisse has offered its digital private banking clients in Singapore and Hong Kong access to Apple Business Chat to enable them interact directly with the bank. The service will be available to iPhone and iPad users, who can access it through the Messages app on their devices. Credit Suisse head of private banking for…
HSBC is appointing a veteran Swiss private banker to run its wealth arm in Switzerland, finews.com has learned. Alexander Classen will be named as the new CEO of the British bank’s wealth management arm in Switzerland and Luxembourg, a source familiar with the matter told finews.com. The hire of Classen, a veteran Swiss banker who…
Those willing to jump to rival are seeing increases of 30% or more in Hong Kong and Singapore With great wealth comes great remuneration. Competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to…
Social network would be able to see card transactions and account balance Facebook has asked big banks to share detailed and intimate financial information about their customers, according to a new report. The social network would get access to people’s card transactions and how much money they have in their account, the Wall Street Journal…
The private banking arm of Dutch lender ABN Amro has reported a net profit of €104m for the second quarter of 2018, a slump of 56% compared to €234m in the same period last year, ABN AMRO Q2 results show. The unit’s operating profit before tax for the quarter ended 30 June 2018 was €139m,…
HSBC has shifted ownership of its Polish and Irish subsidiaries from its London-based entity to its French unit, and will do so for seven more European branches, as it prepares for Britain’s exit from the European Union. HSBC France will also acquire the activities of seven European branches in Belgium, the Czech Republic, Ireland, Italy,…
VP Bank AG, the Liechtenstein-based private bank, is expanding its wealth management operations in Asia as it draws a line under four years of losing clients in Europe due to tax compliance issues. VP Bank has been adding headcount in Singapore and Hong Kong, and is eyeing partnerships with a view to gaining more wealthy…
