Bellevue Group has signed an agreement with KBL European Private Bankers (KBL epb) regarding the sale of Bank am Bellevue. KBL epb will take over the Bank with its current staff of 22 and assets under management of CHF 1.7 bn. This transaction will not affect the asset management and private market business, which will be continued without any change.
The closing of the transaction is expected by the first quarter of 2020, subject to regulatory approval.
"We are pleased that KBL epb will take over our bank, providing staff and clients with a promising set-up for innovative wealth management services. With its vast expertise and experience, KBL epb is the ideal partner for growing the bank and delivering personalised services to high net worth individuals. Bellevue Group will focus on and expand its asset management as well as its private market activities. The proceeds of this sale and the disposal of the SIX stake that has took place in July 2019 will accelerate the further development of our Group", commented André Rüegg, CEO of Bellevue Group.
Jürg Zeltner, Group CEO of KBL epb, added: "With its talented staff, strong client relationships and scalable infrastructure, Bank am Bellevue is an ideal fit for us. Together with that team, we look forward to establishing deep roots and growing a robust Swiss business that meets the needs of both domestic and international clients."
KBL epb and Bellevue Group will also jointly explore potential opportunities for collaboration in the asset management area, such as the global healthcare sector, where Bellevue Group is a leading player on the international stage.