Norinvest, the Swiss-listed wealth management and investment group, has merged its two Geneva-based private banks: Banque de Patrimoines Privés Genève, including its branch in Zurich and its Bahamian subsidiary, and Banque Cramer & Cie.

This merger took place retroactively on 1 January 2010, Norinvest said in a statement.

The new bank will keep the name of Banque Cramer & Cie and there will be no change in the composition of its board of directors. The deal, Norinvest said, is part of its strategy of expanding its banking operations.

Banque Cramer & Cie focuses on private banking and wealth management for private clients. Norinvest acquired Banque de Patrimoines Privés for an undisclosed amount on 13 March 2009. Cramer & Cie, which is also based in Geneva, was acquired by Norinvest in 2002.