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After buying Switzerland's Landolt, French-German bank Oddo BHF isn't ruling out more acquisitions, wealth boss Joachim Haeger told finews.com.

Joachim Haeger, do you view Oddo BHF as a consolidating force in Switzerland's private banking industry?

That would be a bit presumptuous. We decided we want to be a Swiss bank here, much like we can be French in France and through the acquisition of BHF in 2016, be German in Germany.

We could envisage acquiring again after Landolt, if it makes sense for the clients of the bank, its owners, and our shareholders. Oddo BHF grew through acquisitions over the past 20 years – it's part of our DNA. Ultimately a deal needs to make sense – any potential asset must fit our overall strategy and into our portfolio, and add value for our clients.

How did the talks with Landolt & Cie come about? Was the private bank one of those being circulated by investment bankers?

Landolt wasn't on the market. The connection of two tradition-rich private banks is the story of an encounter of two family-owned firms which share values, a particular focus on clients as well as a vision for the future of Switzerland's and Europe's banking sector.

«We've streamlined how Germany and Switzerland work together»

We had a very open, initial, friendly talk online during the lockdown before meeting up in person. It was clear from the start that we would be stronger together: on the Swiss market, in Europe, and in selected international markets. You know the result – and both sides are very happy with the decision.

What triggered the takeover in the end? 

Landolt is the oldest bank in French-speaking Switzerland and one of the country's leading independent wealth managers. Oddo BHF has been in Zurich and Geneva since 2016, thanks to the takeover of BHF Bank. We're a lot stronger in Geneva together, and also have a presence in Lausanne.

We've streamlined how Germany and Switzerland work together in the last four years. Switzerland remains an attractive place to bank for German clients. We've begin connecting France and Switzerland more closely together as well.

Landolt has a partly international client structure anchored in Switzerland: three-quarters of clients live here. Landolt's employees also fit us very well: they've represented a family firm for many years, and with it a very distinctive culture of private banking.

«We'll strengthen our activities out of Zurich and Geneva»

The firms are very similar, which is good. The integration can only be successful if besides a shared strategic vision, there is interpersonal chemistry on similar values, which we're convinced there is.

What does the acquisition of Landolt mean for Oddo BHF's strategy in Switzerland?

Besides wealth management, our clients want asset management as well as corporate expertise. We can provide our clients solutions on how to ensure their investments help to line up their return targets with ethical goals, thanks to our sustainable approach for example in our Polaris multi asset funds or special private equity investments.

And of course we will reinforce our activities in selected international markets out of Geneva and Zurich: in the Nordics, the U.K., and the Middle East, for example.

You oversee wealth management for the group. How independently will Oddo BHF – now with Landolt – operate in Switzerland?

Completely independently. In steering our activities, we focus on clients' interests alone – we want to inspire them. In Germany, our clients attested they view our approach as individual, long-term, and not product-centric, in an extensive survey. They like referring us to others because of our personalized service and favorable performance.

«Swiss shareholders hold more than four percent»

To be clear, we want to achieve that in Switzerland and well: earn the trust of clients and many interested non-clients. That's only going to work if we are absolutely independent as a bank, which is the case at Oddo BHF.

Our entrepreneurial independence is based on our shareholder structure: as a family-run bank, 65 percent of our capital rests with the Oddo family and 25 percent with employees, who share the long-term interests of the family and our clients. Natixis, the Bettencourt family, as well as Pierre Landolt and Thierry Lombard, who together hold more than four percent of the capital, are also shareholders.