October 19, 2017 / 12:58 AM / 2 months ago

HK's Mason Group to buy European private banking firm for $60 mln

HONG KONG, Oct 19 (Reuters) - Financial services group Mason Group Holdings Ltd said on Thursday it would buy a Liechtenstein-incorporated private banking services provider for 58.6 million Swiss Franc ($59.73 million), as it expands into the European private banking market.

The Hong Kong-listed wealth solutions services provider said it would buy Raiffeisen Privatbank Liechtenstein AG from Austria-incorporated Walser Privatbank Aktiengesellschaft and Raiffeisenbank Kleinwalsertal BeteiligungsmanagementGmbH.

Raiffeisen Privatbank, with clients from Germany, Austria, Spain, Liechtenstein, Russia and Switzerland, offers services for external asset managers, with assets under management of over 1 billion Swiss Franc as of Sept 30, 2017.

Mason said it would offer a wide range of Asian financial products to European clients, including Asian fixed income securities, mortgage-backed securities, asset-backed securities and asset management products. ($1 = 0.9810 Swiss francs) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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