Another trend in view is of Hong Kong- and mainland-based business groups buying European private banks. For example, Legend Holdings, which owns PC maker Lenovo and which also owns a number of financial businesses, recently agreed to buy 90 per cent of Banque Internationale a Luxembourg for €1.48 billion ($1.76 billion), marking another move by a Chinese conglomerate to buy European wealth management operations.

n the case of that deal, BIL, which was bought by Qatar-based private equity house Precision Capital in late 2012 from Franco-Belgian bank Dexia, joined the ranks of European private banks in Chinese hands. Hong Kong-listed Fosun International, for example, has acquired such businesses, buying European wealth management and private banking operations; it agreed to buy Hauck & Aufhäuser, the venerable German private banking and financial firm, for example. While Chinese authorities have sought to curb certain capital outflows in recent months, the acquisition of a foreign private bank could be seen as a way for certain groups to ensure capital can, in certain circumstances, still circulate.

Mason Group Holdings in October agreed to buy Raiffeisen Privatbank Liechtenstein for SFr58.6 million ($60 million).