Swiss private bank Lombard Odier says PBOC has ordered suspension of funds that channel domestic savings abroad

Geneva’s oldest private bank Lombard Odier’s expansion plan into China has been hit by the People’s Bank of China’s suspension for new offshore product sales, according to the bank’s Asia management. The Swiss bank’s comments is the first confirmation for the widely circulated rumour of a suspension for the Renminbi Qualified Domestic Institutional Investment (RQDII)…

Zurich to sell Luxembourg private bank unit to Lombard Int’l

The deal is subject to regulatory approvals and it is expected to complete in the first quarter of 2016. Zurich Eurolife S.A. is Zurich’s wholly owned subsidiary in Luxembourg, having provided life insurance since 1995. Xavier Nevez, chief executive of Zurich Eurolife S.A., said: “The decision to sell our private banking solutions business in Luxembourg…

Bank of Montreal Enters Robo-Advising Ahead of Other Lenders

Bank of Montreal starts signing up customers for its automated low-fee investment-advice platform this week, making the lender the first of Canada’s big banks to embrace a robo-advisory business. “It’s really an area that we’re predicting great growth,” Joanna Rotenberg, head of personal wealth management at the Toronto-based bank, said in an interview. “We think…

New global head of private banking

HONG KONG • Standard Chartered has named former Barclays banker Didier von Daeniken as its global head of private banking and wealth management, in the latest streamlining of management at the embattled London- based lender. Mr von Daeniken takes on a new role leading the private banking and wealth management divisions which had previously been…

HSBC appoints Rothschild for restructuring of private banking arm

HSBC has appointed advisers to spur the final phase of its private banking restructuring, after its Swiss unit came under heavy fire earlier this year for helping rich customers dodge taxes. Europe’s biggest bank has appointed Rothschild to help manage the restructure, which involves selling portfolios of riskier clients and shrinking its global footprint, said…

Julius Baer names new SE Asia private banking head

BANK Julius Baer has named a new head of private banking for South-east Asia with immediate effect, it said on Monday. Torsten Linke will also become the Swiss private bank’s Singapore branch manager subject to a regulatory nod, it announced, adding that he would be in charge of Julius Baer’s operations and development in Singapore…

Banc of California Announces Record Private Banking Deposit Growth

Banc of California announced today its Private Banking Division grew deposits by over $340 million, or 48%, in 2015 and finished the year with record deposits of approximately $1.1 billion. The Private Banking Division was formed in July 2013 with approximately $500 million in deposits acquired as part of the acquisition of The Private Bank…

Job of the Month – January 2016

Dear all, The New Year celebrations are over now, we wish all the best for the beginning of 2016.We are happy to announce that Elkho Group continue to grow and to develop its international presence by announcing the opening of offices in Monaco. For January, please find below our current assignments: Banquier Privé – Paris…

Private banks outshine PSBs in profit share in 2014-15

MUMBAI, DECEMBER 23:   Private sector banks’ share in the total banking sector profits surpassed that of public sector banks during 2014-15, according to the Reserve Bank of India’s Report on Trend and Progress of Banking in India 2014-15. Despite substantive share of 72.1 per cent in total banking sector assets, public sector banks (PSBs) accounted…

Standard Chartered Names Von Daeniken Private Bank Head

Standard Chartered Plc named Barclays Plc’s Didier Von Daeniken global head of private banking and wealth management as the U.K. lender seeks to expand the business amid surging bad corporate loans and a plunging share price. Von Daeniken starts in March in Singapore and will report to Anna Marrs, head of commercial and private banking,…