1. Gonet and Mourgue d’Algue: Search for Scale
The two old-guard Genevan banks merged in early July, although the deal was more a takeover by Gonet. The merger has brought a combined 5 billion Swiss francs ($5 billion) in assets onto the scale, thus better equipping it for the upcoming challenges.
Further such deals are likely in the coming 18 months, according to Lagassé. «We are seeing smaller private banks looking at strategic options which would entail a sale or fusion», the Deloitte expert said.
Such moves are increasingly attractive given the implementation of the automatic exchange of information rules which make higher sale prices possible.
Lagassé however remains tight-lipped on details of upcoming deals. According to another private bank source however institutes like Banque Cramer in Geneva, and die Basler Sallfort Private Bank are weighing such options. The two banks didn’t reply to finews.asia questions.
2. UBS and Nordea: the European View
