HSBC's private banking operations in Italy to be acquired by Banca Profilo

HSBC and Banca Profilo SpA have signed a preliminary contract for Banca Profilo to acquire HSBC Bank plc’s private banking operations in Italy for a consideration of €10.8 million.

The agreement covers the sale by HSBC of its Italian private banking company, Società di Gestione del Risparmio, as well as its custodial services unit, private client funds and assets of the bank’s commercial lending unit in Italy.

The private banking operations to be transferred to Banca Profilo include approximately €866 million of client funds (including €582 million of assets under management) and €172 million of client lending. HSBC will continue to support clients following the transfer where they wish to retain access to the Group’s international network, products and services.

The final sale agreement will require authorisation by Banca d’Italia, in accordance with the requirement of laws 287/90 and 385/93.

Sandro Capotosti, Chairman and CEO of Banca Profilo, remarked: “This transaction will significantly develop our private banking activities. Banca Profilo looks forward to maintaining the professional service which these clients demand.”

In Italy, HSBC will continue to offer its existing range of corporate banking, corporate finance, asset management, trade finance, treasury and capital markets services.

Alessandro Baroni, Chief Executive, HSBC Italy, said: “This sale concludes our strategy of disposing of our onshore private banking activities in Italy where it has proved difficult for us, especially in current market conditions, to generate the necessary economies of scale. HSBC’s international network remains available as necessary to support the needs of Banca Profilo’s prospective and existing private banking clients.”

Note:

 1. Banca Profilo
Banca Profilo is an investment bank specialising in private banking and capital markets with offices in Milan, Rome, Genoa, Reggio Emilia, Pordenone, Turin, Ferrara, Forlì, Piacenza, Brescia, Pistoia and Lugano. Founded in 1988 as a finance company, Profilo developed into a bank in 1995. Banca Profilo’s shareholding structure comprises: Profilo Holding SpA 27.7 per cent, Capital Investment Trust SpA 18.9 per cent, Assicurazioni Generali SpA 5.4 per cent, Premafin Holding Finanziaria SpA (SAI) 4.8 per cent, and other shareholders 3.1 per cent.