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Hinduja Swiss Holdings Acquires Banca Commerciale Lugano

Hinduja Swiss Holding announced today that is has acquired Banca Commerciale Lugano (BCL), the Swiss bank, and plans to merge it with its Geneva-headquartered subsidiary Hinduja Bank (Switzerland), previously known as Amas Bank (Switzerland), says Business Standard.
“The latest acquisition adds the third key financial centre in Switzerland, Lugano, to the HBS network, as well as a fully-licensed bank in the Cayman Islands,” the holding company reportedly said in a statement.
No details about the acquisition, such as the deal value, were given in the statement, according to the publication.
Hinduja Bank (Switzerland) offers wealth management, trade finance and corporate advisory services, while BCL specialises in private banking and trade finance.
“In this acquisition we saw businesses that were aligned with our growth strategy,” the chairman of Hinduja Swiss Holding and Hinduja Group, Srichand Hinduja, is reported to have said.
Hinduja Bank (Switzerland), which became a Swiss regulated bank in 1994 under its former name, has since developed its network both in Switzerland and globally.
Last December it acquired a majority stake in Paterson Securities, one of India’s oldest stockbroking firms, when it purchased a further 11 per cent holding, having already bought a 40 per cent stake in December 2008. It also has operations in Dubai, London, Paris, New York and Mauritius.