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…
Swiss banking giant UBS has hired Britain’s former representative to the European Union, Jonathan Hill, to advise its clients on Brexit. The Conservative politician – who was also leader of the House of Lords in David Cameron’s cabinet – has taken up the role of senior adviser to corporate clients at UBS. He is the…
Investment advisory firm Crossbridge Capital has launched a premium wealth management service in Singapore called CONNECT Prime. Available to clients at a minimum investment of S$500,000 ($3,75,333), CONNECT Prime offers a range of investment options. The service features an intuitive digital interface to offer investors portfolio reports and real-time portfolio access. It also offers access…
Indonesia’s Bank Mandiri has signed a strategic partnership with Swiss private bank Lombard Odier to develop its private banking business through investment and family services. Under the partnership, the Indonesian bank will launch onshore discretionary management services for its wealthy clients this month. The new service will provide varied risks profiles suited to the unique…
The chief executive of LGT Group, the Liechtensten-headquartered bank that bought ABN AMRO’s Asian private bank just over a year ago, says the number of “sizeable” private banks in the region will fall. Prince Max von und zu Liechtenstein, CEO of LGT Group, told the South China Morning Post that consolidation will continue to be a feature of…
US banking giant Citigroup, which has a private banking segment, will set up an innovation centre in London, according to the Financial Times. The firm will reportedly hire around 60 technologists for the centre. The centre in London will also house the EMEA unit of Citi ventures and employees from across the company’s businesses It will…
Bank of Singapore has just added to the long list of existing banks that have decided to expand or locate in Dubai. They decided to add some 25 relationship managers to its Dubai branch by 2020 in a bid to win business from non-resident Indians and wealthy Middle East clients. Bank of Singapore’s assets under…
Published in Monaco economie, article by Laetitia Reynaud …
