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Hong Kong group buys Liechtenstein private bank

Hong Kong group buys Liechtenstein private bank

Hong Kong-based financial group Mason Group Holdings has agreed to buy Raiffeisen Privatbank Liechtenstein for CHF 58.6 million ($60 million).

The acquisition will see Mason, backed by Chinese property tycoon Hui Wing Mau, gain presence in the Liechtenstein private banking market which will serve as a hub for further expansion into other European private banking market.

The firm will also use this platform to further develop its wealth management business through offering wide range of Asian financial products to European clients and providing European private banking services for high-net-worth clients in Asia Pacific.

It plans to launch Asian fixed income securities, mortgage-backed securities, asset-backed securities, asset management products, and other investment products.

Currently, Raiffeisen Privatbank has more than CHF 1 billion ($1.02 billion) assets under management. Its clients are mainly from Germany, Austria, Spain, Liechtenstein, Russia, and Switzerland. Last year, the bank posted 44% increase in profit after tax of CHF 1.47 million ($1.51 million).

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