Strategy
HSBC to Combine Swiss Banks Under One Brand
HSBC is to combine its two private banks in Switzerland under one
brand name from next year.
HSBC Guyerzeller and
HSBC Private Bank (Suisse) will be merged into one legal
entity under the newly appointed country manager and chief
executive of HSBC Private Bank (Suisse), Alexandre Zeller.
Subject to regulatory approvals, the merger will be completed in
the first half of 2009 and the bank says the combination will
cement the position of HSBC Private Bank as the third largest
private bank in Switzerland based on private client assets under
management of SFr190 billion as at 30 June 2008. The
combined entity will employ 2,000 people in Switzerland, mainly
in Geneva and Zurich.
Chris Meares, chief executive officer for HSBC Group Private
Banking said: “The HSBC Group has been engaged in Swiss private
banking since 1974 when Midland Bank acquired a majority
shareholding in Guyerzeller Bank. A merger of these
businesses helps HSBC Private Bank build on its position as one
of the world’s largest international private banks. We will
be making significant investment over the next few years to take
advantage of the growth opportunities in Switzerland and
throughout the other 42 countries we operate in.”
Peter Widmer, chairman of the Board of Directors of both the
Swiss entities added that: “HSBC has been an incredibly strong
and supportive parent for both banks for many years and our
clients and employees should feel reassured by the way mergers
and acquisitions are handled by the group.”
