HSBC launches private banking in Ireland

10 April 2008

HSBC Group Chief Executive Michael Geoghegan today 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 US$1.5 billion, 6.2 per cent of overall Group profits, and a 26 per cent growth in client assets to US$421 billion.

Michael Geoghegan said: “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 €196,000, 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, said: “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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