Swiss private bank Edmond de Rothschild (Suisse), part of the Edmond de Rothschild Group, is set to go private in a drive to simplify the group's operating structure.
Edmond de Rothschild Holding SA is set to offer 17,945 Swiss francs ($17,836) in cash for each publicly traded bearer share of the private bank and asset manager, or 15,500 francs after deducting the proposed dividend, it said. The holding already owns 98% of the private bank.
The family buyout comes after a settlement was agreed last year among Rothschild cousins over the use of the historic family name for commercial matters, forcing two warring companies to simplify their complex and intertwined structures.
By taking it private, we are demonstrating our commitment to our banking group and our ambitions for growth, both organic and through acquisitions. I congratulate my wife and our teams for what has been accomplished in recent years"
Edmond de Rothschild would become the only Swiss private bank to be 100% family owned and under a simplified structure would be headquartered in Geneva, the historical centre of the country's banking sector, if the plan is approved.
The move is being led by Ariane de Rothschild, who took over running the bank four years ago to become the only female boss of a Rothschild company. She is married to Benjamin de Rothschild, who took over the group from his eponymous father in 1997.
Benjamin de Rothschild said: "By taking it private, we are demonstrating our commitment to our banking group and our ambitions for growth, both organic and through acquisitions. I congratulate my wife and our teams for what has been accomplished in recent years."
Ariane de Rothschild added: "I was named Chairwoman of the Executive Committee of the Edmond de Rothschild Group in January 2015 with the objective of creating a sound and united banking group, benefiting from a unique and distinctive brand name, with a clear vision and a robust balance sheet."
The Swiss bank, which offers wealth management services for private and institutional clients, is expected to be eventually delisted from the Zurich stock market.
The Swiss private bank serves wealthy clients in both Switzerland as well as abroad.