According to analysts, Pictet is one of the first banks that is targeted exactly at private capital sector in Russia.
Photo: Alexey Kudenko
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Swiss Bank Arrived for Millionaires
One of the leading private banks of Switzerland, Pictet & Cie, has announced the arrival on Russia’s market of big capital management. With no strong competitors around, Pictet will be earning a few hundred million dollars a year, the analysts speculate.
Founded in 1805 in Geneve, privately-owned Pictet & Cie is one of the leading private banking players of Europe. The assets worth €260 billion were under its management as of December 31, 2007.
“Pictet is a global bank with authority and experience on the markets of Eastern Europe,” said Andrei Movchan, board chairman at Renaissance Investment Management. The analysts see the root cause of Pictet’s interest in Russia in accelerated growth of welfare here. “In 2007, the income of 200,000 persons exceeded $1 million. Of them, around 5,000 earned $40 million, which is twice as much as in the previous year,” Movchan pointed out.
What’s more, Pictet is one of the first banks that is targeted exactly at private banking in Russia. “The main share of this market yet belongs to big capital banks and capital companies having separate departments for private banking. UBS, HSBC, Deutche Bank have the respective divisions in Russia,” said Alexis Rodzyanko, who heads the private banking department at Credit Suisse. According to analysts, the players will flow to this sector in the nearest term.
www.kommersant.com
All the Article in Russian as of May 08, 2008
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