Bank am Bellevue to restructure, as CEO departs
Serge Monnerat has resigned from his role as chief executive officer of Bank am Bellevue, the bank’s parent, Bellevue Group, has announced, as it also unveiled plans for a restructuring that will see it cease its brokerage and corporate finance activities.
“The cessation of the business activities in question shall be completed in an orderly manner by mid-2017, and may result in a one-off restructuring charge of estimated SFr3m to SFr5m [US$2.97m to US$4.95m],” the Küsnacht, Zurich-based, SIX Swiss Exchange-listed company said, in a statement.
Around 25 jobs will be affected by the changes, it added.
At Bank am Bellevue, Monnerat is to be succeeded on an interim basis by André Rüegg, group CEO at Bellevue, according to the statement.
Explaining the restructuring, Bellevue said: “Bank am Bellevue AG has faced for some time an ongoing erosion of revenues in its core areas [of] brokerage and corporate finance, a situation which was addressed by the board of directors with various actions and initiatives. The board of directors has reviewed the situation continuously, taking into account changing framework conditions…
“After careful consideration, the board of directors has concluded that the brokerage and corporate finance activities can no longer be conducted in an economically viable way. In light of this, Bank am
Bellevue is planning to cease its brokerage and corporate finance services.”
The development of a recently-launched wealth management business, aimed at “entrepreneurial private clients”, will go ahead as planned, Bellevue said, as its strategic focus going forward will be on “asset and wealth management”.
It is understood the planned restructuring will also have no effect on Bellevue Group’s other business activities, such as Bellevue Asset Management and StarCapital.
Its annual report for 2016 is due to be published next week.