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Hyposwiss Agrees To Buy CPCI's Assets As Swiss Consolidation Trend Rolls On
Another example arises of consolidation in the Swiss private wealth industry.
Hyposwiss
Private Bank Geneva has agreed to buy the private and
institutional clients of Compagnie Privée de Conseils et
d'Investissements. The latter business oversees SFr700 million
(around $722 million) in client money and the pact continues a
trend of consolidation in Switzerland's wealth and private
banking sector.
This transaction is subject to regulatory approval in Switzerland
and follows the acquisition, at the end of June, of Firmanor
Financial Management, a wealth management company in Zürich.
Financial terms of the agreement weren't disclosed.
Nabil Jean Sab, chief executive, will be appointed to the board
of directors of Hyposwiss.
Under terms of the agreement, Hyposwiss will integrate the
employees in charge of managing transferred customers, coming
mainly from Switzerland and the Middle East. This integration
will include the head of the institutional in Geneva and the head
of the CPCI in Basel, Hyposwiss said in a statement late last
week.
