Düsseldorf, Luxembourg, 16 July 2013. Linklaters has advised HSBC Trinkaus & Burkhardt AG on the sale of its private banking business in Luxembourg. HSBC Trinkaus & Burkhardt (International) SA and HSBC Trinkaus Investment Managers SA, wholly owned Luxembourg subsidiaries of HSBC Trinkaus & Burkhardt AG, have entered into an agreement to sell their private banking activities and private banking-related fund business to VP Bank (Luxembourg) SA and VPB Finance SA, which are subsidiaries of Liechtenstein-based VP Bank.
As at 30 June 2013, the private banking activities to be sold had assets under management of approximately €1.5bn and the private banking-related fund business had assets under administration of approximately €0.7bn. Approximately 20 employees working for the private banking business of HSBC Trinkaus & Burkhardt (International) SA are expected to transfer to companies of the VP Bank Group as part of the sale.
The transaction is expected to complete in the fourth quarter of 2013.
HSBC Trinkaus is a commercial bank headquartered in Düsseldorf, which draws on its tradition of 228 years as a trusted advisor to its private and corporate clients. It is an 80.6% indirectly owned subsidiary of the global HSBC Group.
A Linklaters team led by Wolfgang Sturm (Corporate, Düsseldorf) and Manfred Müller (Corporate, Luxembourg) advised on the transaction. The team also included Hermann Beythan (Investment Management, Luxembourg), Guido De Wit (Tax, Belgium and Luxembourg), Dr Thomas Elser (Tax, Munich), Patrick Geortay (Banking, Capital Markets), Nicki Kayser (Banking, Capital Markets), Guy Loesch (Litigation), Jean-Paul Spang (Corporate), Olivier Van Ermengem (Tax) (all Luxembourg), Dr Jann Jetter (Tax, Munich), Antje-Irina Kurz (Financial Regulation, Frankfurt), Janine Biver (Banking, Capital Markets, Luxembourg), Audrey Bertolotti (Employment), Catherine Graff (Employment), Pol Thielen (Litigation) (all Luxembourg), Danièle Buchler (Tax), Raphaëlle Carpentier (Employment) (both Luxembourg), Ricarda Grzeschik, Thorsten Henze, Karin Hribar (Corporate, Düsseldorf), Clara Sikorski (Employment, Luxembourg), Minh-Xuan Nguyen (Corporate, Luxembourg).
