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Switzerland,United Kingdom : LGT BANK buys Swiss asset portfolio from HSBC

June 26, 2014

HSBC declared that it has sold a portfolio of private banking assets in Switzerland to Liechtenstein'sLGT Bank.

The bank has not revealed the financial details of the sale.

The portfolio had assets under management of US$12.5 billion (9.2 billion euros) at the end of 2013, the bank said.

The sale is subject to regulatory and other approvals and is estimated to be closed in the final quarter of 2014.

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, said HSBC.

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Source: TendersInfo (India)

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