The Qatari-owned boutique will refer clients to a foreign rival.
Quintet's Swiss arm signed a deal to refer clients to PKB, a Lugano-based private bank, the latter said in an emailed statement on Monday. Quintet in October said it is shutting its Swiss arm, just 16 months after opening and a year after buying Bank am Bellevue.
«In connection with the wind-down, Quintet’s current private banking clients will have the opportunity to transfer their assets to PKB,» the latter bank said in the statement. Neither party disclosed financial details of the transaction.
Quintet, which is controlled by Qatar's ruling a-Thani family and opened in Switzerland during the pandemic, said becoming profitable would take longer than expected. The boutique lost its guiding spirit, Juerg Zeltner, shortly before the Swiss office opened.
