A shareholder skirmish doesn't stop the Ticino bank's merger with Geneva's Banque Profil de Gestion.
A signed contract formally seals One Swiss Bank's takeover of Banque Profil de Gestion, or BPDG, the latter said in an emailed statement on Wednesday. Under the transaction, One Swiss Bank will take the Swiss-listed BPDG shares currently held by Italy's Banca Profilo.
New Leadership
Bank management is changing as well. The merged entity is now being led by Geneviève Berclaz as chairwoman. Alessandro Bizzozero, Roland Mueller-Ineichen, and Jean-Claude Favre have joined her on the new board, and Frédéric Binder was re-elected.
Fabio Candeli, Mario Aragnetti-Bellardi and former chairman Fulvio Pelli resigned from the former BDPG's board of directors.
Deal Closing Soon
Switzerland's financial regulator Finma still needs to approve the deal, although this is expected to be a formality. The transaction is seen fully closing in early June.
The merger was turbulent: BPDG minority shareholder Symphony lodged an objection with Swiss financial market regulator Finma in April, which resulted in former CEO Silvana Cavanna's resignation. The conflict is now expected to subside with Banca Profilo out of the picture.
