HONG KONG, Dec. 4, 2019 /PRNewswire/ -- BENDURA BANK AG, the fourth-largest bank by profit after tax in Liechtenstein, announced the first anniversary of its Representative Office in Hong Kong, where it has been providing a personal touch and direct communication as well as strengthening trust and professionalism with clients in the region over the past year.
BENDURA BANK AG is headquartered in Liechtenstein, one of the 10 countries holding a top AAA rating by S&P Global, with a stable outlook. Since its establishment in Hong Kong a year ago, BENDURA BANK's Representative Office in Hong Kong has helped to extend BENDURA BANK's footprint in Asia by acting as a gateway. The Bank has built recognition of its brand through the Hong Kong office, and effectively extended its network with Hong Kong's client advisors, including family offices, asset managers, lawyers and trustees.
Mr Philipp Forster, BENDURA BANK's Head of Hong Kong Representative Office said, "We have received a very warm reception in Hong Kong, and we are extremely pleased to have Citychamp Watch & Jewellery Ltd as a shareholder. During the past year, we were able to better familiarise ourselves with Hong Kong's characteristics as a financial hub, and Citychamp Watch & Jewellery Ltd provided us with a great deal of support. They opened up many doors for us, and have shown they are willing to take responsibility as our major shareholder, without getting involved with our day-to-day business. As BENDURA BANK AG does not hold any accounts for its shareholders or their family members either, we are able to avoid conflicts of interest and underline our independence. We believe that our achievements over the past year have established a strong basis for future and long-term success."
Over the past year, BENDURA BANK has successfully connected its private banking services with Corum, a high-end luxury watch brand with the same wealthy clientele. Citychamp Group has started to copy their success story there with healthcare products from high-end five-star Hotel MIRADOR in Switzerland, an establishment oriented around good health and wellbeing that also shares the same target clientele of wealthy individuals. These accomplishments over the past year have helped shape the Bank's direction towards focused growth that plays to its strengths of bespoke financial services and diversification of investment.
Despite a challenging market environment, BENDURA BANK AG recorded better business results than initially projected in this fiscal year. However, the Bank noted that the difficult global regulatory environment presents a challenge when determining the best place for clients to effectively manage their assets under the most beneficial tax conditions. The Bank expects ongoing investment activities on the client side going forward, as global uncertainty on the whole is likely to continue to shroud the market, benefitting BENDURA BANK AG as more and more individual investors seek geographical diversification and prefer keeping their assets in a safe haven.
BENDURA BANK has stepped up training to build a more flexible and productive workforce that is multilingual, collectively catering to over 20 languages with the necessary cultural understanding, and enabling efficient market access internationally. The international and multicultural approach is considered to be one of the Bank's key success factors.
Dr Andreas Insam, BENDURA BANK's CEO, said, "Our Hong Kong Representative Office is part of a long-term plan. We aim to see organic growth as we promote Liechtenstein's renowned high-end banking services in the Hong Kong market, and benefit from the solid foundations in local networking that we have laid over the past year. We plan to install more Chinese-speaking Senior Relationship Managers so as to work on opportunities for clients in the region. We expect to see the first significant fruits, such as introducing more Asian clients to the Liechtenstein bank, in four to five years."
About BENDURA BANK
Founded in 1998, BENDURA BANK AG is a fully-licensed bank headquartered in the Principality of Liechtenstein. The company is a subsidiary (84.69%) of Citychamp Watch & Jewellery Group Ltd, a Hong Kong-listed luxury goods group. BENDURA BANK AG focuses on Asset Management and Investment Advice, Transaction Banking, and Security Issuance and Investment Funds Business. BENDURA BANK AG and its workforce of over 150 highly qualified and motivated employees, manages assets close to US$4 billion as of 30 June 2019. In terms of after-tax profit, the bank ranks fourth of a total of 13 banks in the financial center of Liechtenstein. For more information, please visit www.bendura.li/en/.
Disclaimer
This material and/or any comments, opinions, statements, or information included in this material herein must not be used and/or relied upon for any investment decisions and related purposes. Certain information contained in this material is obtained and prepared from sources which BENDURA BANK AG believes to be reliable at best effort basis. In Hong Kong: Provided by BENDURA BANK AG to institutional/corporate professional investors only.