Schroders announces transfer of Eastern European banking activities to CBH Compagnie Bancaire Helvétique SA
Schroder & Co Bank AG (Schroders) and The Bank CBH Compagnie Bancaire Helvétique SA (CBH) are today announcing that they have reached an agreement for CBH to takeover Schroders’ Eastern European private banking business and its relationship management team. The closing of the transaction is expected during the fourth quarter of 2018 and is subject to the relevant regulatory approval.
This follows a comprehensive review of Schroders’ range of services provided to clients from Eastern European countries; it concluded that clients in this region would be better served by a bank that specialises in this geographic area. With this transaction, CBH pursues one of its strategic priorities, growth through targeted acquisitions in its core markets.
CBH has a long-standing history servicing and advising Eastern European clients. Both Schroders and CBH firmly believe the transaction guarantees continuity in the servicing of the clients in scope and a successful integration of the related team.
The current client portfolio is in the region of CHF 700 million assets under management (as at 30 June 2018). The financial terms of the acquisition are not disclosed. This transaction will not impact the equity strength of CBH, maintaining after completion of the transaction one of the highest Tier one ratio among Swiss Private Banks, currently above 30%.
Philippe Cordonier, CEO, CBH Compagnie Bancaire Helvétique SA comments:
“This transaction demonstrates our long-term commitment in this strategic growth market and our intention to pursue the growth of our Zurich operations. We very much look forward to welcoming our new colleagues and clients.
"Recently, CBH Bank has been reinforcing its presence in Zurich with the acquisition of the Private Banking activities of FIBI Bank (Switzerland), Zurich in 2017 and of Banque Privée Espirito Santo in 2014."
Adrian Noesberger, CEO, Schroder & Co Bank AG, comments:
“We are confident that CBH is the ideal partner to continue the trusted relationship with our clients who are transferring. We believe it is important for the team of relationship managers who are exclusively responsible for looking after our Eastern European clients to continue to do this. As such our Eastern European Desk will also transfer to CBH, ensuring continuity and a seamless transition.”
Over the past few years, Schroders Wealth Management in Switzerland has been steadily increasing its focus on the onshore market, as well as the UK, Scandinavia, Spain and Middle East markets. The business has hired a number of new relationship managers this year and will continue to strengthen the teams and the service proposition in these markets.
Note to Editors
For further information, please contact:
PR Agency in Switzerland acting on behalf of Schroders Wealth Management
Ralph Spillmann | Managing Partner Simone Frey | M.A. | Account Manager
Schroders Corporate Communications
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CBH Corporate Communications
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About Bank CBH Compagnie Bancaire Helvétique SA
Established in 1975, CBH is a Swiss Private Banking group, headquartered in Geneva dedicated to wealth management and related services for both private and institutional clients. It is owned by an entrepreneurial family and currently employs 200 employees worldwide (mainly Geneva, Zurich, London, Hong Kong, Nassau and Tel Aviv). It is one of the most capitalized Bank in Switzerland (32% Tier one at end 2017) with a strong balance sheet and high liquidity. Asset under management held on behalf of clientele at end of 2017 amount to CHF 8.8 billion. Find out more info at www.cbhbank.com
Schroders is a global investment manager with more than 200 years’ experience of helping our clients meet their goals, fulfil their ambitions, and prepare for the future. Schroders currently manages CHF 589.2 billion (£449.4 billion)* and employs over 4,600 people in across six continents.
Schroders is listed on the London Stock Exchange and is a member of the FTSE 100. It also remains in part a family business, with almost half of voting shares held by the Schroder family. Independence and long-term thinking are central to our business philosophy - values reflected in our steady ownership structure.
At home in Switzerland for over half a century – here we have three businesses; each with its own emphasis, all with the same clear focus on meeting clients’ needs and adapting to a changing world:
Our combined Swiss team is made up of around 400 people. Together they are responsible for a total of CHF 78.8 billion (£60.1 billion)*.
Schroder & Co Bank AG provides bespoke Wealth Management services to private individuals, family offices, external asset managers and charities.
Schroder Investment Management (Switzerland) AG is our investment management business. It offers institutional and private investors a wide range of Swiss-domestic and foreign-domiciled funds, along with bespoke investment mandates.
Schroder Adveq is a leading private equity asset manager serving institutional investors, namely pension funds, insurance companies and others throughout the world.
Find out more about Schroders at www.schroders.com. *As at 30 June 2018