EFG International and Falcon Private Bank have agreed on a referral of Falcon Private Bank's clients in Hong Kong.
This follows Falcon Private Bank's decision to exit the Hong Kong market.
The two organisations will be working closely together to ensure a smooth introduction of client relationships during the first half of 2014.
A number of client relationship officers and related support staff will move from Falcon Private Bank to EFG Bank, EFG International's business in Asia. The assets under management involved are circa CHF800m, and it is expected that the lion's share of this will ultimately move across to EFG.
The Asian operations of EFG International were established in 2000, were profitable within a year, and have consistently delivered strong growth. Its regional network of offices encompasses Hong Kong, Singapore, Taipei, Shanghai and Jakarta. As of June 2013, EFG International's Asia business accounted for 99 client relationship officers, and clients' assets under management of CHF14.8bn.
Albert Chiu, chief executive, EFG International, Asia, says: "We are looking forward to welcoming new clients and growing our business in Asia, alongside our new colleagues who share the same level of dedication and expertise.”
