Zurich-based Bank Rothschild & Co has acquired a private bank in Geneva. The deal will underpin the position of Rothschild.
Bank Rothschild & Co, a unit of the Rothschild & Co Group, has decided to buy Banque Pâris Bertrand, based in Geneva. The acquisition is a further step in the development of the wealth management business of the bank and will underpin the position of the company in the Swiss market, Rothschild said in a statement on Wednesday.
The bank hopes to complete the transaction in the first half of 2021.
Mainly European Clients
Banque Pâris Bertrand launched its business in Geneva in 2009 and opened a branch in Luxembourg in 2015. The clients of the bank are wealthy families, entrepreneurs and institutional investors, mainly based in Switzerland and other European markets.
Banque Pâris Bertrand is active in wealth management and asset management. At the end of November, the bank had assets under management worth some 6.5 billion Swiss francs ($7.4 billion).
Family Affairs
The profile of the two banks is fairly similar in the sense that strategy, culture, and client portfolio seem to be a good match. More than 90 percent of assets are held by clients who own more than 5 million francs.
Banque Pâris Bertrand will add its know-how and physical presence in Luxembourg to the fold. Also, Georges Gagnebin, the chairman of Banque Pâris Bertrand, is the father of the CEO of Bank Rothschild & Co, Laurent Gagnebin.
Following the acquisition, Rothschild & Co in Switzerland will have more than 20 billion francs in assets under management. The total assets of the entire wealth and asset management division of Rothschild & Co will exceed 75 billion euros.
Partner to Remain on Board
The two banks didn't reveal the value of the transaction. The two managing partners of Banque Pâris Bertrand, Pierre Pâris and Olivier Bertrand will join the new bank as executive vice-chairmen. They will continue catering to their existing client portfolios.
