Asia and the Middle East contributed CHF 55 billion ($58 billion) to LGT’s total private banking assets under management (AUM) in 2017, making it the largest markets for the Liechtenstein-headquartered bank.

A substantial portion of the AUM came from the acquisition of ABN Amro’s private banking business in Singapore, Hong Kong and Dubai last May.

The deal saw LGT gain CHF 18.3 billion ($19.3 billion) in assets, as well as 200 more front office staff. The private bank currently has about 850 employees in these markets – out of which 450 are relationship managers.

On a global level, LGT’s private banking AUM grew 32.7% to 201.8 billion ($212.9 billion), with home market Liechtenstein bringing in CHF 35 billion (36.9 billion).

Group profits rose 23.2% year-on-year to CHF 283.4 million ($299 million) and total operating income came in at CHF 1529.2 million ($1.6 million), an increase of 26.8%.

Income from services rose 22% to CHF 1.01 billion ($1 billion), and net interest and similar income increased 33% to CHF 228.4 million ($240.9 million) on the back of an increased asset base and higher levels of trading.

Moreover, as the bank grew its employee base globally by 550 last year, personnel expenses rose 28% to CHF 858.4 million ($905.6 million). As such, cost to income ratio decreased 10 basis points from the previous year to 74.1%.

Going forward, LGT said it is keen to acquire more private banking and asset management businesses, following deals with LGT Vestra in June 2016, ABN Amro in December 2016 and European Capital Fund Management in June 2017.

‘We have taken advantage of market opportunities and further improved the quality of our business. We will continue to pursue our long-term growth strategy judiciously in the future,’ CEO Prince Max von und zu Liechtenstein said in a statement.