Swiss Compagnie Bancaire Helvétique, controlled by the Geneva-based Benhamou clan, has snapped up a sizable wealth manager in Miami.
Groupe CBH Compagnie Bancaire Helvétique has bought Miami's Brickell Bank, the Swiss firm said in a statement on Monday. CBH didn't disclose the purchase price for the American wealth manager, whose balance sheet is roughly $500 million, with shareholder's equity of $28 million.
The purchase of Brickell, founded in 1973, follows a series of deals including the 2014 acquisition of troubled Banque Privée Espirito Santo in Lausanne, TTG Limited in Hong Kong the following year which formed the basis for CBH Asia firmiert, and Banque Fibi, or First International Bank of Israel, last year, which is now part of CBH's Zurich arm.
CBH itself was founded by Joseph Benhamou just 45 years ago as a Swiss private bank for wealthy as well as institutional clients. The bank manages roughly 8.6 billion Swiss francs with offices in Geneva, Zurich, Tel Aviv, Hong Kong, and Nassau.
