Socit Gnrale and HSBC are both looking at large-scale acquisitions in private banking, according to statements from executives at the banks.
Socit Gnrales head of private banking, Daniel Truchi, said this week that the bank is keen to see a quantum leap in the area. There will be a reallocation of capital resources as and when we need it, he said and a media event on 21 September.
Alexander Zeller, chief executive of HSBC Private Bank (Suisse) has also stated that the group is committed to expanding private banking. We have no plan to be on the sellers side. Zeller pointed out that private banks are at their lowest value, as a result a deal should be struck sooner rather than later. ING has put its Asian and Swiss private banking units up for sale.