Rothschild & Co acquires Geneva private bank



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Zurich bank Rothschild & Co is driving consolidation: it acquires a private Swiss bank with branches in Geneva and Luxembourg.

Bank Rothschild & Co Bank, a subsidiary of the Rothschild & Co Group, acquires Banque Pâris Bertrand of Geneva.

The move represents yet another milestone in the sustainable growth of Rothschild & Co’s wealth management business and is intended to further consolidate the position in the Swiss market, according to a press release from the bank on Wednesday. The transaction is expected to close in the first half of 2021, subject to regulatory approvals.

Mainly European customers

Banque Pâris Bertrand opened in Geneva in 2009 and was also established in Luxembourg in 2015. According to the announcement, the bank’s client base consists of wealthy families, family entrepreneurs and institutional investors, mainly from Switzerland and other European markets.

In addition to asset management, Banque Pâris Bertrand conducts various business activities in asset management. As of November 2020, it managed assets of around 6.5 billion Swiss francs.

Family issue

The bank is an excellent strategic fit for Rothschild & Co, believes it is, thanks to a similar strategy and culture, as well as a comparable client profile, where more than 90 percent of assets come from clients with assets of more than 5 million CHF in the bank. In addition, Banque Pâris Bertrand has additional investment expertise and presence in Luxembourg. It is also Georges gagnebin, Chairman of the Bank’s Board of Directors, Father of the Chief Executive Officer of Bank Rothschild & Co, Laurent gagnebin.

Following this acquisition, the assets managed by Rothschild & Co in Switzerland will amount to more than 20 billion Swiss francs. Assets managed by the entire Wealth & Asset Management division of Rothschild & Co will grow to more than € 75 billion.

Partners stay on board

With the acquisition, Rothschild & Co’s CET 1 share falls from 19.6 percent to 18.6 percent. The parties agreed not to disclose the financial terms of the transaction.

The two managing partners of Banque Pâris Bertrand, Pierre Pâris and Olivier BertrandThey will move as Executive Vice Presidents to Rothschild & Co, where they will continue to care for their existing clients alongside their teams.

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