Two Swiss private banks are joining hands. It appears that the companies lack the decisive critical mass to make it amid tougher competition. One of the two seems to have gained the upper hand.
Banque Heritage from Geneva and Sallfort Privatbank from Basel have agreed to merge as of the beginning of 2019, the two banks said in a joint statement on Tuesday. Though ostensibly a merger of «proportionate equals», it is the former that seems to have gotten its way.
After all, the new firm will take the brand of «Banque Heritage» and most key bankers are from the Geneva-based firm.
Bigger Capital Base
Heritage and Sallfort is designed to enhance the bank’s capital base, bolster its presence in Switzerland and to provide clients with an enhanced and complementary service and product offering. The new bank will have 6 billion Swiss francs ($6 billion) in assets under management.
Paul-Andre Sanglard will become the new chairman of the company, with Carlos Esteve as his deputy. Marcos Esteve will lead the bank as CEO and Johannes T. Barth will act as his deputy. The headquarters will be in Geneva.
Wide Range of Banking Services Available
The bank has offices in Zurich, Basel and Sion and will employ some 120 members of staff in Switzerland. Michael Bornhaeuser will leave the group of Sallfort’s shareholders. The venture capital investments of Sallfort’s clients won’t be affected by the deal.
Banque Heritage will offer private-banking and family-office services, wealth planning, asset management, portfolio management, investment advisory, structured products, venture capital club deals and external wealth management and payment services.
