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HSBC sells Swiss asset portfolio

Global bank HSBC announced on Tuesday the sale of a portfolio of private banking assets in Switzerland for an undisclosed amount to Liechtenstein's LGT Bank.

LONDON: Global bank HSBC announced on Tuesday the sale of a portfolio of private banking assets in Switzerland for an undisclosed amount to Liechtenstein's LGT Bank.

HSBC added in a statement that the portfolio had assets under management of US$12.5 billion (9.2 billion euros) at the end of 2013.

The deal, which remains subject to regulatory and other approvals, is expected to be completed in the final quarter of this year.

HSBC stressed however that it "remains fully committed to Switzerland as a key international centre for its global private banking business and a priority market for the group."

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