The Swiss arm of Berenberg, the second-oldest private bank in the world, is being sold to several prominent Swiss wealthy investors.
Berenberg, founded in 1590 in Hamburg, is selling the majority of its Swiss bank subsidiary, the bank said in a statement, confirming exclusive reporting by finews.ch (in German). The buyers are Michael Pieper and Adrian Keller, who already sit on the Swiss board.
Both are well-known entrepreneurs in Switzerland: Pieper is head of Artemis Group, through which he hold stakes in firms including Franke Groupe, Arbonia Forster and Feintool. Keller controls distribution firm DKSH. Both Kellers sit on DSKH's board.
Billionaire Owners
The Swiss arm is roughly 30 years old, manages nearly 7 billion Swiss francs ($7.2 billion) in assets, and maintains branches in Zurich and Geneva. The sale gives Berenberg Switzerland two financially solid billionaire investors.
Roughly 20 percent of Berenberg Switzerland is set to remain with the Hamburg-based parent. Peter Raskin, CEO of the Swiss bank, is also expected to take a stake as part of the sale. Berenberg Switzerland is expected to be renamed following the deal's conclusion.
