Ownership of HSBC Private Bank (Luxembourg) SA was formally transferred to HSBC Private Bank (Suisse) SA on 5 September 2008, recognising the existing managerial reporting lines of the Luxembourg entity to the Swiss Private Banking operation.

The ultimate ownership structure remains unchanged. The Luxembourg bank will remain a separate legal entity, preserving its existing Luxembourg status and regulatory supervision, but will benefit more than ever from the technical expertise and support of its new parent.

HSBC Private Bank (Suisse) SA employed 2,469 staff as at 31 December 2007, and reported Net Profits attributable to shareholders of CHF665mn for the year to 31 December 2007, an increase of 40 percent over the previous year. Assets under management totalled CHF186bn as at 31 December 2007.

Peter Yeates, CEO of HSBC Private Bank (Luxembourg) SA said: "HSBC Private Bank remains fully committed to Luxembourg as demonstrated by our recent signing of a long lease on over 8,000 sq m of prime office space at the Dairy House, boulevard d'Avranches. The HSBC Group has more than 500 employees in Luxembourg, specialising in Private Banking, Funds Administration and Asset Management.

"The consolidation of many of our existing entities into one building in 2009 will both raise our visibility in the market place and provide opportunities to improve synergies and efficiencies among our Group members. Becoming a subsidiary of the largest member of HSBC Group's Private Banking business in Europe is logical for us, and we can only benefit from their support."