HSBC Trinkaus & Burkhardt (International) and HSBC Trinkaus Investment Managers, wholly owned Luxembourg subsidiaries of HSBC Trinkaus & Burkhardt AG, have entered into an agreement to sell their private banking activities and private banking-related fund business respectively, to VP Bank (Luxembourg) and VPB Finance, which are members of the VP Bank Group. The parent company of the VP Bank Group is Verwaltungs-und Privat-Bank Aktiengesellschaft which is based in Liechtenstein.
At 30 June 2013 the private banking activities to be sold had assets under management of approximately €1.5bn (US$2.0bn) and the private banking-related fund business had assets under administration of approximately €0.7bn (US$0.9bn). Approximately 20 employees working for the private banking business of HSBC Trinkaus & Burkhardt are expected to transfer to VP Bank as part of the sale.
The transaction is expected to complete in the fourth quarter of 2013.
HSBC Trinkaus is a commercial bank which draws on its tradition of over 228 years as a trusted advisor to its clients. As one of the country’s leading banks, it is also part of the HSBC Group, one of the world’s largest banking and financial services organisations. The strength of the bank is its international connectivity. This is characterised by its detailed knowledge of the international markets, mainly the emerging markets, and its global network. Germany is one of the HSBC Group’s priority growth markets.