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Peter Raskin is co-owner of Bergos Berenberg private bank. He plans to instill a distinct Swiss identity into the company and build it up as an alternative to the country’s big banks, he told finews.com in an interview.

Peter Raskin, how does it feel to be a co-owner of a bank?

It feels great. It’s probably the dream of every banker and for me it has become true.
What made Berenberg bank in Hamburg decide to sell the Swiss unit?

The Berenberg partners in Hamburg some time ago started mulling how it would be possible to reduce the regulatory complexity of the bank. That’s when the Swiss unit came up for discussion. I started considering options myself and also proposed the sale to people who would be able to develop the bank independently. The partners were open to such a proposal. Because on the one hand, Berenberg in Switzerland already was a strongly independent company, which made a divestment easy.

On the other hand, there are numerous areas, in which we cooperate and profit from each other. That way, a sale was a win-win-solution for both sides: the regulatory complexity of the parent bank was reduced massively, while both banks remained connected in business terms.

You still had to convince the board members Michael Pieper, Adrian Keller and Claus-G. Budelmann of this solution and gain them as investors.

It was pretty evident to confront the board with this idea. They know Berenberg Switzerland very well. Mr. Budelmann had founded the company 30 years ago, Michael Pieper has been a board member of 25 years and Adrian Keller for 12. It all made sense.

What made these businessmen – to whom we ought to add Andreas Jacobs – invest in a bank?

It didn’t even take that much in terms of convincing. The gentlemen know the bank and its business approach by heart. They have worked with the existing management for a long time and know the result. They know what we’ve achieved over the past years.

Berenberg Switzerland otherwise would have been acquired by a bigger bank.

Yes, if you look at the banking industry, this would have been the likely scenario. Foreign banks are selling or closing down their Swiss units, small banks are being bought, medium-sized and large banks become even bigger.

«We are opening a new chapter»

This is a development that will leave customers the option between big banks and bigger banks. It thus makes a lot of sense to start a smaller, independent institute.

If I didn’t know better, I’d say that three billionaires are buying a new toy…

Certainly not. It wasn’t and isn’t the idea that the gentlemen are buying a bank and drown it with their cash – to put it bluntly. They are investing in a private bank that will continue doing business as before.

Will Bergo Berenberg manage part of the assets of board members and new owners Pieper and Keller?

I’m not allowed to tell you.

The bank will be called Bergos Berenberg. What does Bergos mean?

Bergos is short for Berenberg Gossler. The full name of the parent bank is Berenberg, Gossler & Co. The bank was founded 428 years ago. Our name picks up on this tradition and also opens a new chapter.

Berenberg, Gossler & Co. will retain a 20 percent stake in Bergos Berenberg. What further links will you keep in place?

The aim of the project was that nothing whatsoever was to change from the perspective of the client. This means that we can continue to rely upon the whole expertise available at the parent bank. We also cooperate where our help is needed. We will for instance provide the art consulting to the whole group and work closely together in the shipping and corporate finance units.

Bergos Berenberg will be a bank managed by business people. What does this mean in terms of strategy and client focus?

We will always be a bank managed which does business with private clients. We won’t ourselves offer corporate banking, financing and capital market business. Our focus is with businesspeople and families.

«Our clients are at the heart of the matter»

It is our strategy to look at a customer from a wider perspective and to advise them in all respects that may have an effect on their assets. This in contrast to most other private banks that only consider the investment side of affairs.

So you focus on the very rich, entrepreneurs and family offices?

We don’t make the distinction between affluent, high-net worth and ultra-high-net worth clients.

Why not?

We keep the needs of our clients at the heart of the matter and on how to solve their potential problems that may affect their wealth. It is of no significance if a client has 10 or 100 million francs in assets. A key pillar of our business with clients, apart from entrepreneurs and key clients, is shipping, a long tradition of ours. Berenberg used to have its own commercial fleet. We advise shipping corporations and the families behind those in how to manage their wealth. Berenberg in Hamburg is dealing with the commercial side of affairs.

With your focus on entrepreneurs, you’ll face direct competition from the big banks based in Zurich. UBS and Credit Suisse also have the same strategy and claim to have the advantage of being able to offer it all: wealth management, capital market and financing.