HSBC Launches New Private Banking Operation In Ireland

by Jason Gorringe, Tax-News.com, London

11 April 2008

HSBC Group Chief Executive Michael Geoghegan on Thursday announced the launch of a new private bank in Ireland during a visit to the Group's Irish headquarters.

Already the third largest private bank in the world, HSBC Private Bank offers a range of wealth management, banking or trust services in over 93 locations around the world.

HSBC's results for 2007 confirmed private banking as its fastest growing business, recording profit before tax of USD1.5bn, 6.2% of overall Group profits, and a 26% growth in client assets to USD421bn.

Explaining the reasoning behind the move, Mr Geoghegan announced that:

"HSBC's push into private banking reflects the phenomenal increase in personal and business wealth that Ireland has experienced over the past few years. We're building capacity here to meet increasing demand for international wealth management services that offer best-in-class investment solutions."

Irish per capita wealth currently stands at EUR196,000, second highest in the OECD. In 2007, there were an estimated 33,000 Euro millionaires in Ireland, a rise of 3,000 on the previous year.

Rory Quinlan, Head of HSBC Private Bank Ireland, went on to add that:

"HSBC Private Bank has an experienced team of advisors who have all worked in private banking at a high level. Their domestic experience coupled with HSBC's global reach makes a compelling combination for our clients."

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