The world's local bank
HSBC launches private banking in Ireland
10 April 2008
HSBC Group Chief Executive Michael Geoghegan today announced the launch of a new private bank in Ireland during a visit to the Group's Irish headquarters. Already the third largest private bank in the world,(1) HSBC Private Bank offers a range of wealth management, banking or trust services in over 93 locations around the world.
HSBC's results for 2007 confirmed private banking as its fastest growing business, recording profit before tax of US$1.5 billion, 6.2 per cent of overall Group profits, and a 26 per cent growth in client assets to US$421 billion.
Michael Geoghegan said: "HSBC's push into private banking reflects the phenomenal increase in personal and business wealth that Ireland has experienced over the past few years. We're building capacity here to meet increasing demand for international wealth management services that offer best-in-class investment solutions."
Irish per capita wealth currently stands at €196,000, second highest in the OECD. In 2007 there were an estimated 33,000 Euro millionaires in Ireland, a rise of 3,000 on the previous year.
Rory Quinlan, Head of HSBC Private Bank Ireland, said: "HSBC Private Bank has an experienced team of advisors who have all worked in private banking at a high level. Their domestic experience coupled with HSBC's global reach makes a compelling combination for our clients."
Media enquiries
Neil Brazil
Senior Press Officer
HSBC Holdings plc
+44 20 7992 1572
neilbrazil@hsbc.com
Mary Staunton
Head of Communications
HSBC Ireland
+353 1 407 3711
mary.staunton@hsbc.com
(1) Euromoney Annual Private Banking Survey.
HSBC Holdings plc
HSBC Holdings plc serves over 128 million customers worldwide through around 10,000 offices in 83 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of some US$2,354 billion at 31 December 2007, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'The world's local bank'.
HSBC in Ireland
HSBC began operations in Ireland in 1979 and currently employs over 600 people across four main businesses Corporate Banking, Private Banking, Fund Administration and Insurance. Staff are currently based in two locations HSBC House on Harcourt Street and Sandyford. HSBC has been operating in Northern Ireland for over 40 years (formerly Forward Trust) and opened the first bank branch in Belfast in June 2001. Four more branches have since been added and in May 2007, HSBC officially launched dedicated services to support farms and agri-businesses in Northern Ireland.
Further information on HSBC's operations in Ireland can be found at:
- Republic of Ireland: http://www.hsbc.com/rep/ireland/
- Northern Ireland: http://www.hsbc.co.uk/
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