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

Reuters

HONG KONG (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 (45.29 million pounds), 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 [RBKLN.UL] 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.

(Reporting by Donny Kwok; Editing by Subhranshu Sahu)