The bank’s licence upgrade is part of the bank’s aim to expand its investment solutions and financial products and help develop cross-regional banking services for its clients in Europe, the Middle East and South Asia.
Hinduja Bank’s parent company, Hinduja Bank (Switzerland), offers a full range of services covering wealth management, trade finance, investment solutions and corporate advice. The Swiss private bank has a large network and the company has developed expertise in managing personal and corporate banking needs.
The Geneva-headquartered bank, which is part of the Hinduja Group, one of the world’s largest diversified business groups, has operated in Switzerland since 1963. Recently, the bank acquired Banca Commerciale Lugano (BCL), an independent Swiss bank.
Ivan Schouker, chief executive, Hinduja Bank (Switzerland), said Hinduja Bank (Middle East) had reached this milestone within 16 months of setting up operations and despite the adverse global financial environment. “We are looking to bring trust and safety back into banking by committing to maintaining one of the highest capital adequacy ratios in our four booking centres in Switzerland, DIFC, Cayman Islands and India.”
