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The move is part of a wave of deals expected
from Swiss private banks amid a raft of challenges. These
include higher regulation and compliance spending, dwindling
revenue, and tax investigations such as a long-running U.S.
probe.
Many foreign banks are reconsidering their commitment to Swiss
private banking, including Royal Bank of Canada, which is
undergoing a strategic review of RBC Suisse, based in Geneva.
A surge in the Swiss currency is expected to add to the woes of
Swiss banks, which book the bulk of their spending in francs,
but generate revenue in other units such as U.S. dollars or
euros.
Heritage did not disclose the amount of assets it was buying
from Standard Chartered.
"The purchase is part of Heritage's expansion plan, purchasing
select private banking assets from other financial institutions
in order to bolster its position in key markets," Geneva-based
Heritage said in a brief statement.
The move follows confirmation earlier this month from Standard
Chartered, which is Asia-focused, that it will close its Swiss
private bank after failing to attract a buyer for it.
Standard Chartered said it remains committed to the Swiss
market.
"Its strategy is to refocus its efforts in Switzerland on
building its Corporate and Institutional client business,
aligning more closely with its core markets in Asia, Africa and
the Middle East," the British bank said in a statement.
(Reporting by Katharina Bart; Editing by Mark Trevelyan)
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