Swiss finance boutique Bellevue will conclude the divestment of its banking operations in the first quarter of 2020 and the 2019 result will therefore be based on the continuing business activities as a pure asset manager.
Bellevue Group will publish its report for the 2019 business year on March 3, but the company on Tuesday released a preview on the full-year results. One-off restructuring costs and impairment losses following the divestment of Bank am Bellevue had an impact on its profit, which it estimated at 11 million Swiss francs ($11.4 million).
Bellevue in August 2019 announced it would sell the banking operations to Quintet private bank (which used to be known as KBL), where Swiss banker Juerg Zeltner is in charge. Bellevue expects to conclude the transaction in the first quarter of 2020.
Special Cash Dividend
Bellevue will continue its operations as a pure asset manager. It estimates that the business increased assets under management by more than 18 percent to 10.6 billion francs. Operating income will have added 12 percent to reach 104 million francs.
The company will increase the dividend by 14 percent to 1.25 francs per share and proposes to pay a special dividend of 2.75 francs per share from the divestment of its stake in SIX, the stock market operator.
