The New York of China (hktdc.com)


	Michael Chan explains why Hong Kong is an ideal location for Banque Piguet

Leading Swiss private bank Banque Piguet & Cie S.A. cites better than expected growth since its opening in Hong Kong one year ago.

The bank had identified opportunities for private banking business in the Greater China region and when weighing up possible locations for its first overseas branch, Hong Kong was the obvious choice.

"Hong Kong is the New York of China," said Michael Chan, Banque Piguet's Chief Representative – Greater China Region. "It is an international city with highly advanced financial infrastructure, and ideally placed to be the international fund management centre for China."

Mr Chan added that other places could not match Hong Kong's convenience and potential. "Hong Kong ticks all the boxes," he said. "It has strong business links, a business-friendly environment, and is the best platform to the world's biggest emerging private banking market, Greater China."

The millionaires' bank

Banque Piguet is leveraging Hong Kong to take advantage of the liberalisation of the Chinese mainland's banking sector. In particular, it is tapping into the demand for wealth management services from high net worth individuals across the Greater China region.

The bank caters to clients with a minimum US$1million to invest, whilst its average client account size is around US$2million.

Mr Chan said the Hong Kong location positions the bank to capitalise on the region's booming economies. "Being in Hong Kong puts us squarely in Asia's regional financial hub, as well as at the gateway to China. From here, we're ideally placed to target the high and ultra high net worth individuals and institutional investors in the region."

Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse, said that by opening in Hong Kong, Banque Piguet had joined almost three quarters of the world's leading banks in having a presence here. "An investment of this kind is another endorsement of Hong Kong's position as an international financial centre."

Consistent results

Established in 1856, Banque Piguet is majority controlled by Banque Cantonale Vaudoise ( BCV), Switzerland's fourth largest banking group by balance sheet. BCV itself is 68 per cent owned by the state. Banque Piguet has a reputation for its successful investment approach, which has produced consistent results in long-term wealth creation.

Building on its success in Hong Kong, Banque Piguet has also opened a second overseas branch in Dubai.