In a country synonymous with banking, it seems paradoxical that a bank would give up its license.
Switzerland's Bantleon Bank has handed in its banking license and will now operate under the shorter moniker Bantleon, according to a statement from the firm Tuesday.
Bantleon said it wants to «very actively» take advantage of the exciting times ahead it sees for the financial markets. Operating as a bank would make the bank less flexible and therefore opted to give up its license.
The firm also moved from Zug to Zurich and has revised its organizational structure. As part of that process «it has become clear that as an asset manager without a classic banking business, we no longer need the banking license, which costs flexibility,« explains Joerg Bantleon, chairman of the supervisory board.
Asset Management
Bantleon will still operate as an asset manager and is subject to supervision by the Swiss Financial Market Supervisory Authority (Finma).
Bantleon obtained the banking license in 1998, at a time when there were no other options for a qualified license for a financial institution. Bantleon further explained the firm was, with equivalent supervision, able to meet clients' needs, particularly regarding the requirements of German financial institutions.
«Today, reliable risk management and control are standard in institutional asset management, which is why we no longer need the banking license», he said.
Bantleon has over 5.2 billion Swiss francs ($5.23 billion) under management at offices in Switzerland and Germany.
Joerg Bantleon has prior experience going from bank to pure asset manager, and was a major shareholder at Zurich-based Bellevue from 2016 until 2020, which also transformed from bank to asset manager.
