CBH acquires the activities of FIBI Bank (Switzerland)
CBH Compagnie Bancaire Helvétique SA acquires the international wealth management business of FIBI Bank (Switzerland) Ltd.
Geneva and Zurich, 19 December 2016 – CBH Compagnie Bancaire Helvétique SA (« CBH Bank ») is pleased to announce the acquisition of the private banking activities of FIBI Bank (Switzerland) Ltd (« FIBI Bank ») which is headquartered in Zurich. The transaction covers all of FIBI Bank clients.
The common values and approaches of the two banks will ensure the continuity of the high level of service and the proximity which FIBI Bank clients enjoy. CBH Compagnie Bancaire Helvétique views the transaction as an excellent strategic and geographic fit and as a further step towards the acceleration of its expansion in its growth markets.
“This latest acquisition allows us to significantly reinforce our activities, in particular from our branch in Zurich and our representative office in Tel Aviv. We look forward to welcoming our new team whose expertise in wealth management will complement our own” says Philippe Cordonier, Chief Executive Officer of CBH Compagnie Bancaire Helvétique.
In 2014, CBH Bank acquired the private banking activities of Banque Privée Espírito Santo and, in 2016, TTG (HK) Limited, a wealth management firm based in Hong Kong. This new acquisition is an important step in the growth strategy of CBH Bank. The tier one capital ratio will remain above 22% after this transaction.
The deal should be finalized in the course of the first quarter 2017.