Private banking pre-tax profits at HSBC’s
private bank were considerably ahead in the third quarter of 2010
compared to 2009, due to the non-recurrence of significant loan
impairment charges, the bank said.

In its latest interim statement, HSBC said its
year-to-date performance was mostly in line year-on-year as it
continued to attract net new money inflows, particularly from
emerging markets.

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HSBC did not give updated assets under
management (AuM) figures for the thrid quarter, but for
the first half of 2010 it reported assets under
management of $354bn.

 

Nedbank bid scrapped

Meanwhile, after engaging in exclusive talks
for two months, the world’s sixth-largest private bank by
assets is reported to have pulled out of its
proposed 70% stake in South African group Nedbank.

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Nedbank Wealth, the private banking arm of the
South African bank, reported AuM of ZAR97.4bn ($13.4bn) to 30
June 2010. Nedbank also owns offshore bank Fairbairn Private
Bank.