Clariden Leu buys Standard Bank's private banking business

The purchase of Standard Bank's Asian business adds critical mass to Clariden Leu's Singapore hub and strengthens its Hong Kong presence.
Clariden Leu will acquire Standard Bank's private banking business in Asia, for an undisclosed amount, and integrate it into Clariden LeuÆs existing private banking Asia unit.

Clariden Leu was formed in January 2007, as a result of the merger of Credit Suisse's four private banks û Clariden, Bank Leu, Bank Hofmann, and BGP Banca di Gestione Patrimoniale û as well as the securities dealer Credit Suisse Fides. It has 20 offices worldwide and assets under management of approximately $99.3 billion.

Clariden Leu expects the acquisition to add critical mass to its Singapore hub and strengthen its Hong Kong presence. At the end of September 2006, the bank managed $5.6 billion of client assets in the region, with a focus on pure wealth management. The transaction is expected to close by end 2007.

Standard Bank currently holds private banking assets of around $750 million in the Asian market. Eight employees of Standard Bank's private bank will join the Clariden Leu Hong Kong office.

Asia has become a key destination for private banking with the market growing faster than any other region. The growth is driven both by Asians becoming richer and an increased willingness on the part of the rich to use private banking services. Traditional private banks such as the Swiss players as well as global behemoths such as Citigroup are investing aggressively to get a piece of the action.
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