Annual Report 2011 - Hong Kong Monetary Authority
Annual Report 2011 - Hong Kong Monetary Authority
Annual Report 2011 - Hong Kong Monetary Authority
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Outlook for 2012<br />
2012 will be marked by profound changes in the legal<br />
environment. Private banking will continue to chafe under<br />
the increasing burden of regulation and under mounting<br />
pressure on banking secrecy. This will have an impact on<br />
the cost of our operations as well as on the profitability of<br />
our core business.<br />
The key to success will be our threefold ability to adapt to<br />
the new conditions shaping our business, to rise to the<br />
challenges ahead and to satisfy the expectations of our<br />
clients. We believe that our strategy will enable us to achieve<br />
these objectives.<br />
We will continue adding new professionals to our workforce<br />
and will invest in new technology. These efforts are meant<br />
not only to provide our clients with top-quality service but<br />
also to enhance our competitiveness.<br />
2012 will see a continuation of our strategic focus on<br />
growing our onshore Swiss clientele.<br />
Having received all the necessary licences, our <strong>Hong</strong> <strong>Kong</strong><br />
branch will be up and running from 2 April 2012.<br />
We will also go on expanding in the Gulf area via our representative<br />
office in Dubai, which is now fully operational.<br />
106 <strong>2011</strong> ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA<br />
Our attitude remains guarded, however, in view of geopolitical,<br />
economic and market environments fraught with<br />
uncertainty.<br />
We cannot conclude this report without expressing gratitude<br />
to our shareholders and clients for their abiding trust.<br />
Our thanks also go to our management, particularly to our<br />
CEO Claude Messulam and our Deputy CEO Jean-Pierre<br />
Pieren, and to our entire staff for their dedication and<br />
fine work.<br />
The Board of Directors