The Geneva-based private bank has relocated its European headquarter, as it drives business on the continent.
Pictet is moving its head office of its European bank to Frankfurt, Germany, it said in an emailed statement Wednesday.
The company, operating as Bank Pictet & Cie (Europe) will employ around 70 people by the end of the year. With affiliated offices in France, Italy, Spain, the United Kingdom and Monaco, the new company will have about 630 employees.
Around 350 employees will continue to work in Luxembourg which will continue as a branch, the statement said.
Future CEO
The designated head of the institution and head of wealth management for the region is Christian Schroeder. He has worked for the Geneva-based private bank since the early 2000 and is now an equity partner in the group.
The executive committee will also include Jean-Philippe Fohal as chief financial officer (CFO), chief risk sfficer Fredun Mazaheri, and Thomas Keller as chief legal officer.
The bank is counting on Frankfurt's large talent pool as well as its infrastructure. «As the strongest economy, Germany is central to Pictet's strategy,» Marc Pictet, Pictet shareholder and responsible for the group's European business, is quoted as saying in the statement. Europe is the private bank's home market along with Switzerland, he added.
UBS Leads the Way
The Geneva-based bank which serves both institutional and private clients with 616 billion euros (as of the end of 2022) in custody, sees itself a leading player in the region.
UBS set up its European entity in 2016 alongside other international banks which also run their European activities from there.
