Pictet & Cie has obtained a banking licence from the Hong Kong Monetary Authority under its Banking Ordinance, effective 18th April.

Date: Apr 20, 2012

Tags: Pictet & Cie, Hong Kong

Pictet & Cie has obtained a banking licence from the Hong Kong Monetary Authority under its Banking Ordinance, effective 18th April.

This increases the number of licensed banks in Hong Kong to 154.

For Pictet, Hong Kong will now serve as one of five booking centres globally, and its second in Asia in addition to Singapore.

"This latest development will not only benefit our clients but also support our ongoing focus on hiring senior bankers,” said Claude Haberer, chief executive officer of Pictet Wealth Management in Asia. “Bankers and clients recognise the unique partnership model of Pictet, one which is inherently independent of the potential conflicts of being part of a larger financial group.”