St.Galler Kantonalbank has agreed to acquire M.M.Warburg Bank (Switzerland)’s private banking business for an undisclosed sum.
The deal, expected to close in the first quarter of 2018, will mark the exit of M.M.Warburg from the Swiss private banking market.
However, the deal does not include M.M.Warburg Bank’s Zurich-based family office unit Private Client Partners, which manages larger portfolios and selected asset management mandates.
As part of the deal, five Warburg Bank client advisers will join St.Galler Kantonalbank and will offer client support from the latter’s Zurich branch.
St.Galler Kantonalbank chairman of the management board Roland Ledergerber said: “This takeover fits in perfectly with our strategy of continuing to develop the private banking business in our core markets of Eastern Switzerland, German-speaking Switzerland and Germany in terms of the business model, client segment and target markets.”
Joachim Olearius, spokesperson for the partners of M.M.Warburg & CO said: “St.Galler Kantonalbank offers clients first-class support and advice on a suitable scale. With our concentration on providing services for larger family portfolios and selected asset management mandates, we are very successful in Zurich.”