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Hinduja Bank (Switzerland) Ltd, Zurich
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Bank Profile
Hinduja Bank (Switzerland) Ltd. (formerly Amas Bank (Switzerland) Ltd) was established in Geneva in 1978 as a financial company. Its purpose was to manage the funds of high net-worth individuals. Over the years it expanded into active asset management, equity and bond markets, underwriting and direct investments.
In 1993, it became clear that registration as a bank, under Swiss banking law would increase the range of services and the security it could provide to its ever-growing international client base. In May 1994, the Swiss authorities granted a license to conduct the banking activities worldwide. Amas Bank (Switzerland) Ltd. was inaugurated in November 1994 and became the first and only Swiss private bank with Indian origin shareholders.
In 1999, in order to expand it's private banking activities in Switzerland, Amas Bank acquired a leading asset management company with 10'000 clients which became Amas Bank's branch office in Luzern, Switzerland.
The year 2002 was synonymous with acquisitions and developments. Amas Bank opened Representative Offices in London and Paris, two major European markets. The bank then acquired the clients of a Swiss bank in Geneva, as a result it increased its asset under management.
In the same year, the bank took over another Swiss bank in Zurich and its two subsidiaries in Basel and St-Margrethen, two financial companies. The Zurich operation has become in January 2003 Amas Bank, Zurich branch and its two subsidiaries continue to operate as independent financial companies within the bank's group structure. At the end of the year 2002, it was necessary to relocate the Head Office and a strategic acquisition of new bank premises in central Geneva has been finalised.
Today, Amas Bank is established in Geneva, Zurich, Luzern, London and Paris and has eight subsidiaries in various key locations around the world.
News
Amas Bank (Switzerland) Ltd changes name to Hinduja Bank (Switzerland) Ltd
Amas Bank (Switzerland) Ltd today announced that it has changed its name to Hinduja Bank (Switzerland) Ltd. The bank belongs to the family-owned Hinduja Group, one of the largest diversified business groups in the world.
“The change reflects the growing strength of the Hinduja name in global business, as well as the Group’s increased commitment to the bank in Switzerland. The bank has a strong balance sheet and steered clear of the financial crisis by focusing on prudent management and investment strategies,” said Chief Executive Ivan Schouker.
“Hinduja Bank (Switzerland) Ltd combines the solid traditions
of Swiss banking with excellent links to the growing economies of South
Asia and the Middle East. At a time when some other banks have been
retrenching, we have been investing for the future by hiring new senior
executives, creating a banking subsidiary in Dubai and acquiring 40%
of one of the oldest Indian stockbrokers, Paterson Securities Ltd,”
he said.
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Amas Bank (Switzerland) Ltd changes name to Hinduja Bank (Switzerland)
Ltd
Source: Amas Bank, 16 March 2009