HSBC’s Swiss-based private bank will open a
new branch in Gstaad, Switzerland, in mid-2010 – part of plans to
expand its onshore presence in the country.
Gstaad, one of the most expensive ski resorts
in the world, is home to a long list of wealthy individuals
including Alinghi yachting chief Ernesto Bertarelli, actreses Julie
Andrews and Elizabeth Taylor and Formula One mogul Bernie
Ecclestone. The town had previously been targeted by HSBC through
its involvement with local events and clubs.
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It has sponsored the village’s classical music
Menuhin Festival since 2003, runs an annual family forum and has
recently became a sponsor of the local yacht club.
The forum combines the cultural and networking
opportunities of the festival with presentations on wealth
management and financial planning.
The Gstaad office will offer traditional
banking services including cash management, mortgages and safe
deposits and also leverage HSBC’s global expertise in alternative
investments and emerging markets
A bank spokesman said the new branch will
employ eight members of staff. HSBC Private Bank (Suisse) also has
outlets in Geneva, Zurich, Lugano and St. Maritz.
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