Hyposwiss Private Bank

Hyposwiss Private Bank Ltd
private bank
Industry Financial industry
Predecessor Schweizerische Hypothekenban
Founded Switzerland, 1889 (1889)
Headquarters Zurich, Switzerland
Services private banking, wealth management, financial planning, and investment advice
AUM CHF 9.748 billion (Swiss Francs) under management (2011)

Hyposwiss Private Bank Ltd was a Swiss private bank, located in Zurich, closed in 2013.

It should not be confused with Hyposwiss Private Bank Genève SA, an independent entity, located in Geneva. Both banks had the same shareholders until 2013.[1][2][3]

History

Hyposwiss was founded in 1889 as Schweizerische Hypothekenban.[4] In 1988 Union Bank of Switzerland, which later became UBS, took it over, and in 2002 St.Galler Kantonalbank (SGKB) acquired it and it changed its name to Hyposwiss Private Bank Ltd.[4][5] In 2008, SGKB acquired Anglo Irish Bank (Suisse) SA and adopted a new corporate name for the Geneva entity: Hyposwiss Private Bank Genève SA. Both entities remain independent.[4]

Hyposwiss Private Bank Ltd services include private banking, wealth management, financial planning, and investment advice.[1][4][6]

It is the private banking centre in the St.Galler Kantonalbank Group, a regional bank based in St. Gallen, Switzerland.[7][8]

In December 2008, it had $50 million invested with Bernard Madoff, which was around 0.14 percent of the bank's 40 billion Swiss francs (US $34.19 billion) in assets under management.[9] Its parent company said it was not hurt by the exposure of Hyposwiss to the Madoff fraud.[10] In December 2010, Irving Picard, trustee of assets seized by the court from Bernard Madoff, sued Hyposwiss, asserting that its managers ignored warnings that the Madoff investments were in fact fraudulent.[11]

In June 2011, it reappointed to its board of directors Dr. Hans Bodmer, a lawyer who had pleaded guilty to money laundering in 2004 in Manhattan.[12][13] In November 2011, Bodmer resigned.[8][14]

In 2011, it had client assets of 9.748 billion CHF.[4]

In June 2013, it was reported that St.Galler Kantonalbank was selling part of Hyposwiss Private Bank Ltd to different buyers and integrating the remainder, to strengthen its core business and reduce business risks.

Hyposwiss Private Bank Genève SA, an independent entity owned by St.Galler Kantonalbank since 2008, has been sold at the same time to Mirelis InvesTrust SA.[15][16] Hyposwiss Private Bank Genève SA is the only entity allowed to use the Brand name "Hyposwiss" since 2013.

Hyposwiss Private Bank Genève SA announced the acquisiton[17] of the clients’ assets of IDB (Swiss) Bank Ltd on the 23rd of November 2015.

See also

References

  1. 1 2 "Hyposwiss Private Bank" (in German). Hyposwiss.ch. June 27, 2013. Retrieved August 28, 2013.
  2. ↑ Glovin, David (July 12, 2011). "Hyposwiss Reappoints Convicted Money Launderer Hans Bodmer to Bank's Board". Bloomberg. Retrieved August 28, 2013.
  3. ↑ "Hyposwiss Privatbank AG – Company Profile". Insideview.com. Retrieved August 28, 2013.
  4. 1 2 3 4 5 "Portrait of Hyposwiss Private Bank" (PDF). Retrieved August 28, 2013.
  5. ↑ Lucy Weldon (1998). Private Banking: A Global Perspective. Woodhead Publishing. Retrieved August 28, 2013.
  6. ↑ "Annual Report – Union de banques suisses". Union Bank of Switzerland. 1989. Retrieved August 28, 2013.
  7. ↑ "About us – Hyposwiss Private Bank Ltd". Hyposwiss.ch. Retrieved August 28, 2013.
  8. 1 2 Glovin, David (November 5, 2011). "Bodmer, U.S. Witness in Bribe Case, Resigns From Hyposwiss Private Bank Ltd". Businessweek. Retrieved August 28, 2013.
  9. ↑ "Hyposwiss Private Bank Ltd says had $50 million invested in Madoff". Reuters. December 15, 2008. Retrieved August 28, 2013.
  10. ↑ "Madoff's Victim List". The Wall Street Journal. March 6, 2009. Retrieved August 28, 2013.
  11. ↑ Van, Bob (December 4, 2010). "JPMorgan Sued for $6.4 Billion Over Madoff Fraud by Liquidating Trustee". Bloomberg. Retrieved August 28, 2013.
  12. ↑ "Hyposwiss Private Bank Zurich appoints Hans Bodmer and Adolf E. Real as new members of the Board of Directors." (PDF) (Press release). June 6, 2011. Retrieved August 28, 2013.
  13. ↑ Glovin, David (July 12, 2011). "Hyposwiss Names Convicted Money Launderer Hans Bodmer to Board". Businessweek. Retrieved August 28, 2013.
  14. ↑ "Hyposwiss Private Bank: Hans Bodmer démissionne du Conseil d'administration | Communiqué". Le Monde Economique. Retrieved August 28, 2013.
  15. ↑ "Swiss bank St Galler sells part of Hyposwiss, to integrate rest". Reuters. June 27, 2013. Retrieved August 28, 2013.
  16. ↑ Broom, Giles (June 27, 2013). "Swiss Bank Sells Hyposwiss Units After Offshore Wealth Review". Bloomberg. Retrieved August 28, 2013.
  17. ↑ https://www.hyposwiss.ch/site/images/press-release-24-11-2015.pdf

External links

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