Geneva's Hyposwiss Private Bank has bought a Zurich-based wealth manager in order to expand in Switzerland.
Hyposwiss Private Bank is buying Fimanor, a wealth manager based in Zurich, the Swiss private bank said in a statement. No financial details of the deal were disclosed.
For Hyposwiss, the acquisition is the second in the last two years and a quick way to tap into more wealthy clients.
«This transaction enables Hyposwiss to service a complementary high net worth clientele and to integrate a qualified team of professionals who share similar values of entrepreneurship and personal commitment,» Hyposwiss said in a statement.
CEO Remains
Fimanor will keep its CEO, Gur Ben Ari, but Hyposwiss' CEO, Niels Bom Olesen, will chair its board and the firm's private banking head Solly Alain Lawi will deputize.
HypoSwiss bought Israel Discount Bank's private bank in Switzerland in 2015. Since 2013, Hyposwiss has belonged to Mirelis Financial Group, which bought it from St. Galler Kantonalbank.
The bank manages roughly 4 billion Swiss francs and recorded a 8.4 million franc profit last year.
