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The Luxembourg financial boutique has officially started operations in Switzerland with the acquisition of Bank am Bellevue. Quintet has ambitious expansion plans.
Luxembourgish banking group Quintet, controlled by the Qatari ruler, received approval from supervisory authorities to take over the Zürcher Bank am Bellevue. This was announced on Monday by the Zurich Bellevue Group, which is now focused on asset management.
Consequently, Quintet has taken over control of Bank am Bellevue’s workforce and customer base with assets under management amounting to CHF 1.6 billion. It was also said that buyers and sellers will jointly examine cooperation opportunities in the area of asset management.
Double staff
After the departure of the appointed head of Switzerland Dagmar Kamber-Borens Experienced private banker now takes over Emmanuel Fievet (Image below) Quintet’s local operations. According to the group, the private bank targets Swiss and foreign clients. The team of around 40 employees will double.
The announcement should now be followed by action. The Quintet has with the death of the former CEO and thought leader Jürg Zeltner suffered a setback last month. Fievet and his team now have to do without the weight of the former UBS manager in Switzerland.
Will UBS and Credit Suisse merge after the Corona crisis?
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Yes, because they will not be able to bear their high costs on their own.
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Yes, there will be cooperation in some areas.
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UBS will swallow Credit Suisse.
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Credit Suisse will swallow UBS.
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No, both banks will remain independent in five years.
