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HSBC Trinkaus Burkhardt (International) SA and HSBC Trinkaus Investment Managers SA, wholly owned Luxembourg subsidiaries of HSBC Trinkaus Burkhardt AG, have entered into an agreement to sell their private banking activities and private banking-related fund business respectively (together ‘the Businesses’), to VP Bank (Luxembourg) SA and VPB Finance SA, (together ‘VP Bank’), which are members of the VP Bank Group. The parent company of the VP Bank Group is Verwaltungs- und Privat-Bank Aktiengesellschaft which is based in Liechtenstein.
At 30 June 2013 the private banking activities to be sold had assets under management of approximately EUR1.5bn (US$2.0bn) and the private banking-related fund business had assets under administration of approximately EUR0...
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