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HSBC Private Bank (Suisse) Acquires Neighbour
HSBC Private Bank (Suisse) has announced that it has acquired HSBC Private Bank (Luxembourg) to foster synergies between the two organisations. The combination will create a European private banking entity managing more than SFr200billion ($180 billion) in client assets.
At the Geneva-based private bank, profit before tax in the first half increased 1 per cent when compared to the first half of 2007, coming in at SFr423millon. Net New Money was SFr6.9billion in the first half of 2008.
Operating income has also held its ground at SFr824million, but operating expenses grew by 5 per cent to SFr408millon which the bank blamed on a 12 per cent rise in personnel expenses linked to a 15 per cent increase in headcount which now stands at 2,615.
Overall, the bank said its cost/income ratio has remained below most of its peers at 51 per cent.
As of June the bank managed SFr190billion in private banking assets.
