HSBC Private Bank In Switzerland Pulls In New Money, Shrugs Off Data Theft

Tom Burroughes

27 August 2010

HSBC Private Bank in Switzerland has logged SFr4.9 billion ($4.8 billion) of new client money in the first half of 2010, as strong inflows from emerging markets offset the effects of a recent theft of client data and an Italian tax amnesty, according to Reuters.

First-half net profit fell 26 per cent to SFr304 million, the firm was reported as saying.

Meanwhile, assets under management rose 3 per cent to SFr195 billion.

The bank said it has spoken to almost all current clients that were affected by a data theft earlier this year, when HSBC reported that a former employee had stolen data on up to 24,000 Swiss client accounts.