Pictet & Cie has become the latest Swiss boutique to receive a full banking license from the Hong Kong Monetary Authority.

Pictet & Cie has become the latest Swiss boutique to receive a full banking licence from the Hong Kong Monetary Authority.

Switzerland's largest independent private bank joins Banca della Svizzera Italiana, which obtained its licence in December, and Julius Baer, which got the green light in November 2010. Bank Sarasin was granted its license in 2009.

Pictet’s banking licence in Hong Kong is the latest milestone in its plans for Asia growth. Over the last year, Pictet has made a number of hires in Hong Kong and Singapore, including Sharon Chou, head of wealth management for north Asia, Richard Mak, regional head of advisory services, and Anuj Khanna, head of wealth management for South Asia. Geneva-based Pictet plans to add more senior bankers to its ranks. 

“This latest development will not only benefit our clients but also support our ongoing focus on hiring senior bankers,” said Claude Haberer, chief of Pictet's wealth management division in Asia. “Bankers and clients recognise the unique partnership model of Pictet, one which is inherently independent of the potential conflicts of being part of a larger financial group.”

The two hundred year-old bank has been operating in Asia for over 25 years. Hong Kong is its fifth booking centre globally, complementing Pictet’s existing bank in Singapore.

Pictet had $360 billion in assets under management and custody at 31 December 2011. Pictet & Cie is a partnership, owned and managed by eight general partners with unlimited liability for the bank's commitments.