Assets up as HSBC Private Bank shrugs off data theft

* H1 net profit 304 mln Sfr ($295.1 million), down 26 pct

* Net new money inflows of 4.9 bln Sfr

* Assets under mgt up 3 pct to 195 bln Sfr

GENEVA, Aug 26 (BestGrowthStock) – HSBC Private Bank attracted 4.9
billion Swiss francs ($4.8 billion) of new client money in the
first half, as strong inflows from emerging markets helped it
shrug off a damaging data theft and an Italian tax amnesty that
caused withdrawals in Europe.

First-half net profit fell 26 percent to 304 million francs
as lower interest income far outweighed a strong increase in
commission and trading income, the Swiss wealth management unit
of HSBC Holdings Plc (HSBA.L: )(0005.HK: ) said on Thursday.

“Clients switched out of cash into investments to take
advantage of the opportunities in the markets. However, results
were impacted by lower net interest income as a result of the
low interest rate environment”, the bank said in a statement.

Assets under management rose 3 percent to 195 billion francs,
showing the bank managed to avoid the investment losses which
many peers have experienced largely as a result of the
performance of global equities markets this year.

The bank said it has spoken to almost all current clients
that were affected by a data theft reported earlier this year,
when HSBC reported a former employee had stolen data on up to
24,000 Swiss client accounts.
(Reporting by Robin Bleeker; Writing by Martin de Sa’Pinto;
Editing by David Holmes)
($1=1.030 Swiss Franc

Assets up as HSBC Private Bank shrugs off data theft