Swiss private bank to do business in Hong Kong

Hong Kong now has 154 licensed banks.

The Swiss private bank, Pictet & Cie (Europe) S.A., received a banking licence that took effect April 18, said the Monetary Authority.

Pictet & Cie is today one of Switzerland's largest private banks, and one of the premier independent asset management specialists in Europe. Pictet is a partnership owned and managed by eight general partners with unlimited liability for the bank's commitments.

Managing private fortunes has been the bank’s core business for over 200 years. The bank offers dedicated management and advisory services for individuals, family office and global custody.

Founded in 1805, Pictet offers private wealth management, institutional asset management, investment funds and services to independent asset managers.