One of the private banks in Geneva is getting new owners – and a new name at the same time. An investor from the Middle East also has joined the fold.

Banque Pâris Bertrand Sturdza will be renamed into Banque Pâris Bertrand, the owners of the bank said in a statement on Wednesday. Pierre Pâris and Olivier Bertrand have bought the stake belonging to Eric Sturzda Group.

Georges Gagnebin, one of the doyen of Swiss banking and former head of wealth management at UBS, will remain as chairman of the company, which has business activities in Geneva and Luxembourg.

Bahrain-Based Shareholder

Banque Pâris Bertrand has also received a new minority shareholder from the Middle East: Investcorp, a private market investor based in Bahrain, has bought a stake in the bank. Investcorp is known for its interest in luxury goods brands such as Gucci. Geneva-based bankers say that the investment in a local private bank by a Middle Eastern investor is a first.

The company didn’t say how much Investcorp had bought; it will however not take an operational interest in the running of the bank and neither will it take a seat on the board. The investor however wants to help the bank expand its business as a strategic partner.

Banque Pâris Bertrand, which was launched in 2009 and opened offices in Luxembourg in 2015, wants to grow quickly. Currently, the bank has 5 billion Swiss francs ($5.13 billion) in assets under management, mainly from rich private clients, family offices and institutional clients.