Banca Cantonale de Geneve, the Geneva-based private bank, has just received an authorisation from the Hong Kong Monetary Authority to open a representative office in Hong Kong.

The new branch will be responsible for building the bank's client base in the region and to facilitate relations with private customers who are interested in offshore financial services, BCGE said in a statement.

The Hong Kong office will open this month and start with a team of five Asians, with Michael Chan taking the lead. The unit will report directly to Jean-Louis Platteau, the head of the private banking division in Geneva.

To date, BCGE has three branches specialising in private banking - Zurich, Lausanne and Lugano. The bank said that the new Asian presence confirms its ability and willingness to adapt to global economic changes and to support the growing number of its clients who have businesses in the region.