HSBC Private Banking reported a 30.8 per cent rise in pre-tax profit to $912 million in 2005. The bank said group private banking grew stron...

HSBC Private Banking reported a 30.8 per cent rise in pre-tax profit to $912 million in 2005. The bank said group private banking grew strongly in all regions. Net new money came in at $35.7 billion in 2005 – a significant improvement on the $13.1 billion achieved in 2004. The bank said in a statement on its private banking results: “We continued to invest in Asia, particularly in India, Japan and Taiwan and we expanded our support of clients from mainland China. In Europe we established regional offices in the UK, France and Russia, and we also expanded our geographical presence in the US.” More analysis on these results will appear later on WealthBriefing.