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Huge Profits Rise at HSBC Guyerzeller Bank

Stephen Harris

30 August 2006

Net profit at Zurich-based HSBC Guyerzeller Bank rose 42 per cent to SFr39.9 million ($32.5 million) in the first half on 21 per cent higher revenues of SFr120.9 million. The bank, owned by UK’s HSBC Holdings has client assets of around SFr25 billion and around 350 employees. Heinrich Baumann took over as chief executive in July, replacing Ilan Hayim, who stepped down for health reasons.