Swiss private bank opens Asia Pacific headquarters in Hong Kong

EFG Private Bank SA, the Swiss private banking arm of EFG Bank Group, has officially opened its branch in Hong Kong. The office will also serve as the bank's Asia Pacific headquarters.

The Deputy Chief Executive of the Hong Kong Monetary Authority, Mr David Carse and the Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, were guests of honour at a reception today (May 23) to officially celebrate the opening of EFG Private Bank's branch in Hong Kong.

According to EFG Private Bank's Chairman, Mr Jean Pierre Cuoni, Hong Kong's geographic location and transparent banking regulations, all contributed to the bank's decision to place its regional headquarters in Asia's World City.

As the third Swiss bank to obtain a full banking licence in Hong Kong, EFG Private Bank hopes to use Hong Kong to tap the region's strong potential by providing its customers there with on-shore private banking services.

"We are committed to Asia as a region and in particular to Hong Kong as a great place to do business," said the Chief Executive Asian Region for EFG Private Bank, Mr Robert Chiu.

"We are now in a position to offer our clients the full range of banking services onshore, as well as offshore. This is a major step," he added.

EFG Private Bank grew from a representative office and broker/dealer in Hong Kong in June 2000 to a strong presence here, now employing almost 60 staff.

Speaking at today's press conference, Mr Rowse said, "We wish EFG Private Bank the greatest success in establishing their Asia Pacific headquarters in Hong Kong. As an international financial centre, Hong Kong is able to offer unparalleled benefits to the banking sector. Our effective financial services and banking infrastructure, combined with our close proximity to Mainland China, will prove an unbeatable asset to EFG Private Bank's operations in the years to come."

Headquartered in Zurich, EFG Private Bank is a subsidiary of EFG Bank Group, one of the largest banking groups in Switzerland in terms of capital. The group has offices in 14 different countries employing 9,000 staff around the globe.

Invest Hong Kong is the Hong Kong Special Administrative Region Government department which spearheads the drive to attract foreign direct investment to the city. It provides assistance to overseas corporations interested in investment opportunities here.

End/Thursday, May 23, 2002

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