Hinduja bank reaffirms Swiss commitment, plans investment

Added 5th September 2016

Geneva-headquartered Hinduja Bank, part of India’s giant Hinduja Group, said it plans to grow and strengthen its operations in Switzerland.

Hinduja bank reaffirms Swiss commitment, plans investment

The private bank, which has operated in Switzerland since 1963, said it believes its Swiss headquarters allows the bank to best harness the growth potential of other international centres.

“We have recently completed an upgrade of our technology platform, and have further plans to invest which will ensure our clients remain at the heart of Hinduja Bank’s operating model,” said Shanu Hinduja, vice chairperson of the bank in a statement.

The statement was released following comments attributed to Gopichand Hinduja, one of four brothers who control Hinduja Group, which cast doubt of the future of Switzerland as a private banking hub.

In July, Bloomberg news agency reported Hinduja saying that the world’s rich were turning to countries like Dubai, Qatar and Singapore to house their assets as Switzerland loses its allure as a haven.

“People are finding new havens,” Hinduja said in a 22 July interview with Bloomberg at his office near Buckingham Palace. “I don’t think Switzerland can maintain its importance in banking.”

Committed

In its latest statement, Hinduja Bank (Switzerland) said it intends to maintain and grow its operations in Switzerland. “This is entirely in line with the bank’s ongoing growth strategy and reports to the contrary are not recognised by the bank, its sole and ultimate shareholders or its board of directors,” the bank statement said.

“The bank believes that Switzerland has been and continues to be one of the world’s most significant private banking markets.

"While the bank recognises the emergence and importance of other centres of international finance, it believes that the bank’s Swiss headquarters allows the bank to best harness the growth potential of other international centres. This means treasuring and strengthening the bank’s position in Switzerland where it has operated for several decades,” it said.

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Richard Hubbard

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Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.

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