The awarding of the licence to BSI, which the July 2011 issue of The Banker ranked as the ninth largest bank in Switzerland in Tier-1 capital terms, brings to 152 the number of licensed banks in Hong Kong, the HKMA said.
Established in Lugano in 1873, BSI SA is one of the oldest banks in Switzerland and specialises in private wealth management. Trieste, Italy-based Generali acquired it in 1998, which was also the year that it changed its name to BSI from Banca della Svizzera Italiana.
Last month BSI Group named Stefano Coduri chief executive to succeed the retiring Alfredo Gysi. Gysi, who has been with BSI since 1975, moves to become a member of BSI Group’s board of directors as of 1 January, subject to shareholder approval. He is also expected to take over as chairman of the BSI board in April 2012, succeeding Giorgio Ghiringhelli.
