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07 Mar 2008

HSBC Private Bank (Suisse) appoints new Chief Executive upon retirement of Peter Braunwalder

HSBC Private Bank (Suisse) SA has today announced that Peter Braunwalder has decided to retire as Chief Executive Officer, as of the 1st October 2008. We are pleased, however, to have found an excellent successor in Alexandre Zeller, currently CEO of Banque Cantonale Vaudoise (BCV) who has agreed to join HSBC Private Bank in August 2008. Peter Braunwalder will remain associated with HSBC Private Bank in an advisory capacity.

During the past six years HSBC Private Bank (Suisse) SA has grown under Peter's leadership to be one of the largest private banks in Switzerland, doubling client assets under management in the last four years. The flagship sponsorships of the Menuhin Festival, Gstaad and Design Miami/Basel reflect Peter's passionate interest in the arts and have helped strengthen the HSBC Private Bank brand.

This success of HSBC Private Bank is reflected in the calibre of successor attracted to the role. Alexandre Zeller brings with him significant senior management and private banking experience. He has been CEO of BCV since 2002 after a 15 year career at Credit Suisse which saw him rise to the post of CEO Private Banking for Switzerland.

Peter Widmer, Chairman of the the Board of Directors of HSBC Private Bank (Suisse) SA, comments: "We would like to thank Peter for his outstanding contribution to HSBC Private Bank and look forward to working with Alexandre. We wish them both every success."

Chris Meares, CEO, HSBC Group Private Banking comments: "Peter's legacy in Switzerland is an enormously successful one. Alexandre's appointment underlines the importance of HSBC Private Bank in Switzerland."

Media inquiries:
Neil Brazil
HSBC Press Office
+ 44 (0) 20 7992 1572

Pascal Dubey
HSBC Private Bank (Suisse) SA
+41 (0) 79 251 76 09

HSBC Private Bank
HSBC Private Bank is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group worldwide. HSBC Private Bank, together with HSBC Guyerzeller and the private banking activities of HSBC Trinkaus & Burkhardt as well as the HSBC Private Banking entities, provides private banking and trustee services to high net worth individuals and their families through 90 locations in some 37 countries in the Americas, the Asia-Pacific region, Europe and the Middle East. At 31st December 2007 profits before tax were US$1,511 million for the full year 2007 and combined client assets under management were US$494 billion.

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'.

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