Following major restructuration spread over a year, HSBC Republic Bank (Switzerland) SA has seen its profitability explode in the second quarter of this year going from 19.2 million Swiss francs in Q2 2000 to 64.4 million Swiss francs in Q2 2001. The Geneva-based bank re-grouped the private banking activities of two previous HSBC entities in the city.

Geneva – world capital of private banking

Geneva is the birthplace and the capital of the world’s private banking industry. The dynamism and influence of Geneva as a financial centre is reflected in the density and diversity of the financial institutions present in the city which offers an exceptionally developed financial infrastructure to support Geneva-based corporations in their global activities. Building on its centuries' old banking expertise, Geneva offers all the services that private, corporate and institutional clients may need covering international law, accountancy, auditing, consultancy, insurance, reinsurance, inspection and arbitration. Geneva was the birthplace of private banking and is the heart of the Swiss asset management sector.

Seventy-five banks (including 49 foreign-owned institutions) are headquartered in Geneva while a further 45 international banks have branches here. Industry specialists estimate that approximately 55% of the 3,000 billion CHF in assets managed in Switzerland are directly or indirectly controlled from Geneva. Another criterion is the volume of Geneva-based fiduciary transactions and assets under management. According to a recent study, foreign and Swiss banks based in Geneva account for 30% of the overall volume of fiduciary transactions in Switzerland. Private and institutional assets managed by banks operating in Geneva can be estimated at CHF 1,200 billion. Since Switzerland manages some 35% of global transnational assets, it can be estimated that about 14% of these are managed in Geneva, thus making Geneva the world capital of asset management.

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‘Geneva - Business-friendly environment for optimum financial growth’: Link

Geneva financial centre:Link