Banque Cramer & Cie, a subsidiary of Norinvest Holding, has agreed to buy Valartis Bank AG, Switzerland, and Valartis Wealth Management, Switzerland.
As a part of the deal, Banque Cramer & Cie will also wholly purchase Valartis Bank, while Valartis Group will take up a 25% stake in Norinvest.
Valartis Group group CEO Gustav Stenbolt said that the company is confident that with Banque Cramer, it has found an ideal partner for its Swiss Bank.
"It has been very important for us to find a private banking partner with a sound background, a professional management as well as a similar corporate culture. Comparable values would give our Swiss Bank the opportunity to contribute its potential in the long term," added Stenbolt.
With the acquisition of Valartis’ two units, Banque Cramer & Cie will add its client assets under management portfolio to CHF4.8 billion (US$5.38 billion).
Following the conclusion of the acquisition, both the banks will be merged creating an expanded entity in the international sector of private banking for wealthy private and institutional clients.
Banque Cramer will assume the Zurich location of Valartis Bank in Switzerland as its new office, while the activities of Valartis Bank in Geneva and Lugano will be integrated into the existing locations of Banque Cramer.
Banque Cramer & Cie chairman of the board Marco Netzer said that the merger of Valartis Bank with Banque Cramer constitutes a strategic step for the company.