Reports
First Half Profits Up 40 per cent at HSBC Private Bank (Switzerland)
Pre-tax profit first half at Geneva-based HSBC Private Bank (Switzerland) leapt 40 per cent to SFr315 million on 35 per cent higher revenues...
Pre-tax profit first half at Geneva-based HSBC Private Bank (Switzerland) leapt 40 per cent to SFr315 million on 35 per cent higher revenues of SFr665 million. Poor performance and adverse currency fluctuations impacted on client assets under management which only grew 8 per cent to SFr151 billion. This, despite new money inflow of Sfr14.7 billion, much of which is from south-east Asia and Latin America. The bank employs around 2,000 people and has reorganised its trust operations into a new affiliate, HSBC Guyerzeller Trust Services.
