AIG Private Bank Gains Hong Kong Licence

by Mary Swire, Tax-News.com, Hong Kong

14 February 2006

Swiss-based AIG Private Bank, which recently launched a new global wealth management strategy aimed at making the bank one of the premier institutions serving the needs of high-net-worth individuals, has been granted a banking licence by the Hong Kong Monetary Authority.

AIGPB, a wholly owned subsidiary of the American International Group, is a bank headquartered in Switzerland, and has operated a representative office in Hong Kong since October 1985. Its principal activities are private banking, investment advice and asset management.

Last month, AIG announced that it was launching a new global wealth management initiative with the aim of breaking into the top 25 firms serving the wealth management needs of HINWIs around the world.

Win Neuger, CEO AIG Global Investment Group, stated that he expects global wealth management to be "a major area of growth for our business."

Eduardo Leemann, currently CEO of AIG Private Bank Ltd, will from May head AIG Global Wealth Management. He will also become Chairman of the Board of AIG Private Bank.

Noting his background in private banking, Mr Neuger noted that Mr Leeman is “clearly well positioned to lead this new initiative”.

AIG Private Bank currently manages approximately US$14 billion in assets. The initiative’s goal is to reach US$100 billion in assets under management.

AIGPB's Hong Kong licence brings the total number of licensed banks operating in the territory to 133.

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