Hinduja Takes Over Swiss Bank

Vanessa Doctor

21 February 2010

Hinduja Swiss Holding Ltd has taken over Banca Commerciale Lugano, an independent Swiss bank that specialises in high-end banking services and products.

Under the deal, BCL will be merged with HBS to strengthen the latter's range of wealth management, trade finance, investment, and corporate finance solutions. HBS presently has five branches in Switzerland, one in Dubai, and is regulated by both the Dubai Financial Services Authority and IndusInd Bank in India.

In a statement, the HBS said that this latest acquisition will enable it to provide a bridge to clients in southern and eastern Europe, as well north, central and south America, and link the trade finance and investment opportunities present in the Middle East, the Indian subcontinent and South East Asia.

The company began providing access to Indian capital markets following its recent acquisition of a majority interest in financial services firm Paterson Securities Private Ltd. Hinduja Bank (Switzerland) was established in Geneva in 1978 under the global Hinduja Group to cater to the needs of high net worth individuals.