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…
This morning the Swiss private bank, Julius Baer takes stock of its 2017 year and reveals some very good result. By reported a 14 per cent year-on-year rise in adjusted net 2017 profit to a record $864 million. At the same time, Julius Baer also announced it has agreed to buy 95 per cent of Brazilian…
French banking group BNP Paribas has strengthened its wealth management division with multiple senior hires. These include appointment of Pierre Vrielinck as the new CEO of Asia Pacific, replacing Mignonne Cheng. Vrielinck has been working at BNP Paribas since 1998, previously holding various senior roles at the firm such as COO of BNP Paribas Switzerland,…
Swiss private bank EFG International has appointed Franco Polloni as head of Central Switzerland, Ticino and Italy region and a member of the executive committee. He will replace Renato Santi, who will leave the firm after the integration of BSI’s Swiss business into EFG, expected to take place in the course of April 2017. Polloni has…
UBS isn’t about to cave in a French offshore tax investigation: the Swiss bank is rejecting a billion-euro settlement with French authorities. Zurich-based UBS is negotiating a settlement to a long-running offshore investigation in France. The matter has become a question of honor for its private bank more than a purely economical one, as CEO Sergio Ermotti said in…
Swiss private bank Lombard Odier has reported a consolidated net profit of CHF124.5m for the year ended 31 December 2016. The group’s operating income was CHF1.04bn. Total client assets as of 31 December 2016 were CHF233bn, an increase of 4% compared to the last year. The growth was bolstered by net inflows of CHF5.2bn. Lombard…
