Hinduja acquires Swiss bank

Hinduja Swiss Holding today said it has acquired Swiss bank Banca Commerciale Lugano (BCL), which will be merged with its subsidiary Hinduja Bank (Switzerland).

"The latest acquisition adds the third key financial centre in Switzerland, Lugano, to the HBS network, as well as a fully-licenced bank in the Cayman Islands," the holding company said in a statement.

The statement did not give any details of the acquisition, including the deal value.

HBS offers a range of services like wealth management, trade finance, investment solutions and corporate finance.

"In this acquisition we saw businesses that were aligned with our growth strategy," Hinduja Swiss Holding and Hinduja Group Chairman Srichand P Hinduja.

The Swiss bank BCL specialises in private banking and trade finance, the statement said.