Luxembourg-based KBL European Private Bankers (KBL epb) has agreed to buy Bank am Bellevue, the wealth management arm of Switzerland’s Bellevue Group.
The deal, whose financial terms were not divulged, marks KBL epb’s return to Switzerland.
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The transaction will add CHF1.7bn in assets to KBL epb’s books.
A total of 22 employees from the acquired business will move to KBL epb as part of the deal.
Bellevue will utilise the deal proceeds for its business development.
The deal is pending regulatory nod, with completion anticipated in the first quarter of next year.
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By GlobalDataMeanwhile, Bellevue will continue to focus on its asset management and private market operations.
Moreover, the two parties intend to team up in the asset management space. Plans are on to focus on collaboration in global healthcare.
KBL epb also plans to increase Bank am Bellevue’s domestic and international customer base and hire additional employees in Switzerland, mainly relationship managers.
Besides, KBL epb said that it has appointed Dagmar Kamber Borens as the prospective CEO of its Swiss unit.
Borens most recently was the COO for the Swiss arm of Credit Suisse. He also had a stint at UBS.
He will assume the new role next month, subject to regulatory nod.
KBL epb group CEO Jürg Zeltner said: “With talented staff, strong client relationships and scalable infrastructure, Bank am Bellevue is an ideal fit for us.
“Together with that team and under the future leadership of Dagmar, we look forward to putting down roots and growing a robust Swiss business that meets the needs of both domestic and international clients.
“Even as we continue to make major investments to expand our footprint and accelerate our growth, we will retain the agility that comes with smaller size. We’re eager to introduce our unique approach – as an advice-led organisation that cuts through complexity and focuses on client interests – to one of the world’s most important wealth management markets.”
