German private bank Berenberg has agreed to divest a stake of 80.1% in its Swiss subsidiary Berenberg Bank (Schweiz) to a group of investors. Financial terms of the transaction were not revealed.
The stake will be acquired by entrepreneurs Adrian and Andreas Keller, Michael Pieper, Andreas Jacobs, Claus-G. Budelmann, as well as the management team of the Swiss subsidiary.
Adrian Keller, Pieper, and Budelmann already sit on the board of the Swiss unit.
Berenberg, formerly the sole shareholder of Berenberg Bank (Schweiz), will now retain a 19.9% holding in the business.
The Swiss subsidiary will be renamed to Bergos Berenberg upon deal closing, which is subject to regulatory nod.
The deal excludes Berenberg’s Swiss investment banking and asset management operations, which will continue to operate as branches of the German private bank in Zurich and Geneva.
Why Berenberg Swiss sell-off?
Berenberg Bank (Schweiz) CEO Peter Raskin said: “Our new shareholders are experienced and renowned entrepreneurs, who have been actively associated with our bank for a long time. This guarantees the continuation of our successful, personal advisory, and will sharpen the quality of our services.
“The ongoing cooperation will ensure that our clients benefit from the Berenberg Group’s variety of services. The new corporate structure will establish Bergos Berenberg AG as an excellent and unique private bank for entrepreneurs and families in Switzerland, Germany and internationally.”
Berenberg Bank (Schweiz) offers wealth management services to Swiss, German and international clients. The business employs around 100 staff in Zurich and Geneva.