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LGT Agrees to Buy Swiss Private Banking Assets From HSBC

LGT Group, the bank owned by the family of the prince of Liechtenstein, agreed to buy more than 10 billion Swiss francs ($11.2 billion) of client assets from HSBC Holdings Plc’s Swiss private bank.

The deal includes rich clients “across geographies,” and about 70 employees, Vaduz-based LGT said in a statement today. The price wasn’t disclosed. LGT’s Swiss bank had about 21 billion francs under management at the end of last year, the company said.