VP Bank is taking over the private banking activities of HSBC Trinkaus & Burkhardt (International) SA, as well as its private banking related fund business in Luxembourg
VP Bank Group, represented by VP Bank (Luxembourg) S.A. and VPB Finance S.A., is taking over the private banking activities of HSBC Trinkaus & Burkhardt (International) SA as well as the private banking related fund business of HSBC Trinkaus Investment Managers SA. The asset deal encompasses total tax-compliant assets of around CHF 2.5 billion as of 30 June 2013; the client assets effectively transferred following completion are decisive. The takeover of client relations and assets will occur in accordance with the standard compliance audits and within the framework of the respective regulatory guidelines. At the same time, around 20 employees will transfer to VP Bank in Luxembourg. The two contracting parties have agreed to maintain secrecy regarding any further conditions of the transaction.
Alfred W. Moeckli, Chief Executive Officer of VP Bank Group, makes the following statement on this step: “With this acquisition, we are making targeted use of the currently attractive market opportunities. It is in line with our strategic orientation to achieve growth both within the middle segment of private banking and within the intermediaries business. At the same time we are highlighting the importance of the fund business at our headquarters in Luxembourg, and are further strengthening the fund competencies of VP Bank Group as a whole.” Due to its business model with comparable core competencies, target markets and client structures, VP Bank Group provides the ideal conditions for successfully integrating the new employees and professionally supporting them when advising their clients. In this way, the clients hereby affected continue to be assisted by their personal advisors, and they can also benefit from the strengths of an internationally oriented private bank.