The bank's Chairman, Jean Pierre Cuoni said that Hong Kong's geographic location, transparent banking regulations, outstanding government support and experienced private bankers, all contributed to the bank's decision to place its regional headquarters in Asia's world city -- Hong Kong.

"Hong Kong will remain strong even though other financial centers might emerge in the region," Cuoni said, adding that his bank "believes deeply" in Hong Kong's future.

EFG Private Bank, a subsidiary of EFG Bank Group which is the fifth largest bank in Switzerland in terms of capital, became the third Swiss bank to obtain a full banking license in Hong Kong.

Present at the opening ceremony was the Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse, who said, "As an international financial center, Hong Kong is able to offer unparalleled benefit to the banking sector."

Invest Hong Kong is the Hong Kong Special Administrative Region government department which spearheads the drive to attract foreign direct investment to the city.

The number of regional headquarters and regional offices set up by international companies in Hong Kong in 2001 increased 7.9 percent over 2000 to hit a total of 3,237.

Foreign direct investment in Hong Kong had been consistently strong in recent years. For the first three months of this year, 30 foreign investment projects had been completed involving a total investment of at least 665 million HK dollars.

( May 24, 2002)