The amount of the sale was not specified, but Degroof Petercam, which has been present in Switzerland for 60 years, said that it wants to refocus its private banking activities on Belgium, Luxembourg and France. It has therefore sold all its shares in Degroof Petercam Suisse to the Geneva-based private bank Gonet & Cie. The transaction is subject to regulatory approval.
The Degroof Petercam Group will remain active in Switzerland in its institutional activities through the presence of Degroof Petercam Asset Management (DPAM).
Hugo Lasat, CEO of Degroof Petercam, said: “After more than fifty years of activity in the Swiss market, the time was right to affiliate our private banking activities in Switzerland to a distinguished Geneva-based private bank that will enable us to offer a broader range of solutions and services meeting our clients’ needs. We share common values with Gonet & Cie, based on independence and a family and entrepreneurial business culture forged through many generations. This merger is therefore a natural fit and will enable to maintain the proximity to our clients and the sense of tailor-made service that they are rightfully expecting.”
This story was first published on Paperjam. It has been translated and edited for Delano.