Zurich-based Banque Rothschild & Co has acquired a private bank in Geneva. The deal will support Rothschild’s position.
Banque Rothschild & Co, a subsidiary of the Rothschild & Co group, has decided to acquire Banque Pâris Bertrand, based in Geneva. The acquisition is a further step in the development of the bank’s wealth management business and will strengthen the company’s position in the Swiss market, Rothschild said in a statement Wednesday.
The bank hopes to complete the transaction in the first half of 2021.
Mainly European customers
Banque Pâris Bertrand launched its activity in Geneva in 2009 and opened a branch in Luxembourg in 2015. The bank’s clients 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 6.5 billion Swiss francs ($ 7.4 billion).
The profile of the two banks is quite similar in that the strategy, culture and client portfolio seem to match well. More than 90% of the assets are held by customers holding more than 5 million francs.
Banque Pâris Bertrand will add its know-how and its physical presence in Luxembourg. Also, Georges Gagnebin, the president of Banque Pâris Bertrand, is the father of the CEO of Banque Rothschild & Co, Laurent Gagnebin.
Following the acquisition, Rothschild & Co in Switzerland will have more than CHF 20 billion in assets under management. The total assets of the entire wealth and asset management division of Rothschild & Co will exceed € 75 billion.
Partner to stay on board
The two banks did not disclose 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 presidents. They will continue to serve their portfolios of existing customers.