AIG Private Bank, the Swiss private banking subsidiary of American International Group, has been granted a banking licence by the Hong Kong ...

AIG Private Bank, the Swiss private banking subsidiary of American International Group, has been granted a banking licence by the Hong Kong Monetary Authority to open a full-service branch in Hong Kong. The Zurich-based bank said it has had a representative office in Hong Kong since 1985, but can now offer its clients a much wider range of products and services in the region. Last year, AIG Private Bank opened a representative office in Shanghai, one of the first private banks to do so. The bank said it hopes to expand its business seven-fold in the next seven years and aims to lure high net-worth customers with at least $1 million in assets. It will also provide an onshore booking centre in Hong Kong for its clients.