HSBC sells Swiss asset portfolio to LGT Bank

HSBC sells Swiss asset portfolio to LGT Bank
Photo: AFP
Global bank HSBC announced on Tuesday the sale of a portfolio of private banking assets in Switzerland for an undisclosed amount to Liechtenstein's LGT Bank.

HSBC added in a statement that the portfolio had assets under management of $12.5 billion at the end of 2013.
   
The deal, which remains subject to regulatory and other approvals, is expected to be completed in the final quarter of this year.
   
HSBC stressed however that it "remains fully committed to Switzerland as a key international centre for its global private banking business and a priority market for the group."


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