HSBC appoints Rothschild for restructuring of private banking arm

HSBC has appointed advisers to spur the final phase of its private banking restructuring, after its Swiss unit came under heavy fire earlier this year for helping rich customers dodge taxes. Europe’s biggest bank has appointed Rothschild to help manage the restructure, which involves selling portfolios of riskier clients and shrinking its global footprint, said…

Julius Baer names new SE Asia private banking head

BANK Julius Baer has named a new head of private banking for South-east Asia with immediate effect, it said on Monday. Torsten Linke will also become the Swiss private bank’s Singapore branch manager subject to a regulatory nod, it announced, adding that he would be in charge of Julius Baer’s operations and development in Singapore…

Banc of California Announces Record Private Banking Deposit Growth

Banc of California announced today its Private Banking Division grew deposits by over $340 million, or 48%, in 2015 and finished the year with record deposits of approximately $1.1 billion. The Private Banking Division was formed in July 2013 with approximately $500 million in deposits acquired as part of the acquisition of The Private Bank…

Job of the Month – January 2016

Dear all, The New Year celebrations are over now, we wish all the best for the beginning of 2016.We are happy to announce that Elkho Group continue to grow and to develop its international presence by announcing the opening of offices in Monaco. For January, please find below our current assignments: Banquier Privé – Paris…

Private banks outshine PSBs in profit share in 2014-15

MUMBAI, DECEMBER 23:   Private sector banks’ share in the total banking sector profits surpassed that of public sector banks during 2014-15, according to the Reserve Bank of India’s Report on Trend and Progress of Banking in India 2014-15. Despite substantive share of 72.1 per cent in total banking sector assets, public sector banks (PSBs) accounted…

Standard Chartered Names Von Daeniken Private Bank Head

Standard Chartered Plc named Barclays Plc’s Didier Von Daeniken global head of private banking and wealth management as the U.K. lender seeks to expand the business amid surging bad corporate loans and a plunging share price. Von Daeniken starts in March in Singapore and will report to Anna Marrs, head of commercial and private banking,…

Switzerland to hold referendum on banning private banks from creating money

A radical initiative to strip private banks of their power to “create money” and make it exclusively a central bank privilege has gathered enough support for the Swiss government to announce a referendum on the issue. A vote in favor may result in a return to 100 percent reserve banking. “Banks won’t be able to…

Bank of England votes 8-1 to hold rates at 0.5%

UK interest rates have been left unchanged again at 0.5% by the Bank of England’s rate-setters. The nine rate-setters on the Monetary Policy Committee (MPC) voted 8-1 for no change, predicting that inflation would stay below 1% until the second half of next year. Ian McCafferty, one of four external members of the MPC, was…

ECB Raising the Dose

THE year started with the belated adoption by the European Central Bank of quantitative easing (QE)—creating money to buy bonds—in the euro area. As the year ends, QE, which loosens monetary policy even when there is little scope to cut interest rates further, is being extended by an extra six months, so that the purchases…

Exclusive: Credit Suisse, Julius Baer Eye Bids for BTG Pactual’s Swiss Unit-Sources

LONDON/SAO PAULO — Credit Suisse and Julius Baer are among a handful of banks vying to buy the Swiss private-banking arm of embattled Brazilian investment bank Grupo BTG Pactual SA in a cut-price deal, sources with direct knowledge of the talks told Reuters on Wednesday. Zurich-based Credit Suisse is exploring an offer that would value…