30 September 2012

Geneva-based Pictet & Cie (Europe) S.A. opens branch in Hong Kong

24 September 2012 - Geneva-based Pictet & Cie (Europe) S.A. (Pictet) opened its first bank branch in Hong Kong today, marking a crucial step forward in its expansion for the North Asia region. 

The launch of Pictet’s bank branch followed almost a year of preparation to upgrade to full bank status after 26 years operating in Hong Kong as a representative office. The firm successfully attained the full banking licence from Hong Kong Monetary Authority on April 18. The new Hong Kong Pictet branch at The Landmark Building is the firm’s fifth booking centre in the world and focuses on wealth and asset management and fund distribution. 

Chief Executive Officer of Pictet Wealth Management in Asia, Claude Haberer, said that Hong Kong’s strategic location helps the firm cover the Asian region more effectively, given in particular the city’s proximity to the growing number of high-networth individuals in Mainland China. “We all know that Hong Kong clients normally transact in Hong Kong and that wealthy Mainland Chinese come to Hong Kong for their financial operations. If you want to penetrate these two major markets, a bank in Hong Kong is a must.” 

Invest Hong Kong’s Associate Director-General of Investment Promotion, Charles Ng, said, “We are extremely pleased with the Hong Kong branch opening of Pictet & Cie, one of the oldest independent Swiss wealth and asset managers. There is an increasing demand for wealth management services in Hong Kong and Asia, and the opening of Pictet’s bank branch will strengthen Hong Kong’s role as a key wealth management hub in the region.” 

Founded in 1805 in Geneva, Pictet & Cie is one of the largest private banks in Switzerland, with assets under management and custody totalling US$377 billion at 30 June 2012. It is a partnership, owned and managed by eight general partners with unlimited liability for the bank’s commitments. The Pictet Group employs more than 3,200 staff and has offices in Barcelona, Basel, Dubai, Florence, Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid, Milan, Montreal, Nassau, Osaka, Paris, Rome, Singapore, Taipei, Turin, Tokyo and Zurich. 

InvestHK is the department of the Hong Kong Special Administrative Region Government established in July 2000 to take responsibility for Foreign Direct Investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong’s vibrant economy. As at June 2012, InvestHK had completed over 2,600 investment projects, creating more than 30,000 new jobs in the first year of operation or expansion and HK$67 billion of investment. 

Source: Invest HK