HSBC Trinkaus to sell private banking assets to VP Bank

15 July 2013

HSBC has announced it intends to offload its private banking arm in Luxembourg.

The HSBC Trinkaus & Burkhardt and HSBC Trinkaus Investment Managers institutions, which mainly work with corporate clients, look set to be bought by the VP Bank Group.

HSBC is looking to make up to $3 billion in additional yearly savings by 2016. It has already achieved $4 billion, but slow growth outside the Asian market means its target to get costs below 52 per cent of revenue has been eased somewhat.

The UK-based bank did not disclose the sale price for the transition, but expects it to be finalised in the fourth quarter of 2013.

By Claire Archer

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