Quintet Private Bank says it is closing its Swiss arm just 16 months after opening. The Qatari-owned private bank took over Bank am Bellevue last year.
This content was published on
1 minute
swissinfo.ch with finews.com
The Luxembourg-based private bank is closing its Swiss business, which employs 87 people, according to a statement on Tuesday. It is unclear whether the closure will happen via a wind-down or sale.
The private bank, which opened in May 2020, was affected by the pandemic and was unable to build its business up as fast as anticipated, the statement said.
“Establishing a path to profitability would take longer than anticipated,” the group’s CEO Jakob Stott said in the statement.
Millions in losses
The 87 staff are currently in a period of consultation. The wealth manager hired copiously from the leading UBS bank, both in Switzerland as well as elsewhere.
Quintet SwitzerlandExternal link manages €1.85 billion (CHF2 billion) in client assets, while the private bank looks after €85 billion in client assets as a whole.
Last month the Zurich-based Swiss bank of Quintet posted a net loss of CHF16.3 million, compared with CHF9 million in the first half of 2020, according to a profit-and-loss statement posted in Switzerland’s commercial register.
Popular Stories
More
Workplace Switzerland
‘Swatch has no competition’ in its Swiss-made watch segment
Historian urges further scrutiny of Zurich art collection’s provenance
This content was published on
An investigation led by Raphael Gross came to the conclusion that the provenance of the collection's pieces and also its name warrant a closer look.
Tourism spending in Switzerland hit record levels in 2023
This content was published on
Both revenue generated from foreign guests as well as spending by the Swiss on travels abroad rose to above pre-pandemic highs.
Swiss president shows government round her home canton
This content was published on
During their annual trip to the Swiss president's hometown, the Federal Council enjoyed nice weather, fine wine, and proximity to the public.
Switzerland condemns attempted military coup in Bolivia
This content was published on
The Swiss foreign ministry condemned the attempted coup, as well as any attempt to undermine the lawful government of Bolivia.
Gotthard Base Tunnel on track to fully re-open in September
This content was published on
Rail operations through the vital tunnel will resume in full on September 2, with repair work in the west tube going as planned, Swiss Federal Railways has said.
Swiss private bank Rahn+Bodmer settles US tax evasion charge
This content was published on
Zurich’s oldest private bank has agreed to pay $22 million to defer prosecution charges by the United States tax authorities.
Falcon first bank to face money laundering trial in Switzerland
This content was published on
Falcon Private Bank the first Swiss bank to be taken to court to answer for alleged money-laundering offences in Switzerland.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.