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Swiss Bank Eyes Asian HNWIs With Hong Kong Office

Vanessa Doctor Asia Editor 24 March 2010

Swiss Bank Eyes Asian HNWIs With Hong Kong Office

Banque Cantonale de Geneve, the Swiss bank, has announced the inauguration of its representative office in Hong Kong to support its growing business in the Asia-Pacific region.

The bank is one of the first cantonal Swiss banks to set up an office in the jurisdiction, a spokesperson told this publication.

BCGE received authorisation from the Hong Kong Monetary Authority in late 2009. The branch will be responsible for developing the bank's customer base and for promoting its services for individuals, institutions and companies, with particular focus on private clients who are interested in wealth management services, the company said in a statement. The institutional clientele will also be able to use the office as an intermediary, linking directly with BCGE's asset management centre in Switzerland.

The Hong Kong office will not conduct everyday banking business - all accounts will be opened and managed within the parent firm in Switzerland.

"This opening is very significant," said Blaise Goetschin, the chief executive officer. "It confirms the bank's ability and willingness to adapt to the very rapid changes in the world economy and its desire to support the growing numbers of its clients in Geneva and Switzerland who have business and projects in the region."

The bank said in a previous announcement that the Hong Kong branch will start with five Asian members of staff who will report to Michael Chan, the chief representative for the Greater China region. All operations will led by Jean-Louis Platteau, the head of private banking in Geneva.

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