KBL European Private Bankers (KBL epb), a pan-European private banking group headquartered in Luxembourg, announced today the signing of an agreement to acquire Zurich-based "Bank am Bellevue".
The acquisition of Bank am Bellevue, the wealth management business of the Bellevue Group and which currently employs 22 staff and manages some €1.6 billion in assets, marks KBL epb’s return to Switzerland as part of its growth strategy under the leadership of the recently appointed Group CEO and Board member, Jürg Zeltner.
Following the closing of the acquisition, expected in the first quarter of next year (subject to regulatory approval), KBL epb will seek to expand Bank am Bellevue’s base of domestic and international clients, leveraging the country’s status as a global private banking hub and KBL epb’s own 50-city network.
According to Jürg Zeltner, the group intends to rapidly recruit additional staff in Switzerland, with a particular focus on relationship managers, to complement Bank am Bellevue’s current team.
KBL epb also announced that, with effect from 1 September 2019, Dagmar Kamber Borens will join the Group as the prospective CEO of its Swiss business, assuming that role upon closing of the transaction and subject to regulatory approval. Over the interim period, she will focus on developing a compelling growth strategy for this key component of the group’s future business, drawing upon her significant experience designing and implementing successful transformation programmes in Asia and Switzerland.
Dagmar Kamber Borens most recently served as Chief Operating Officer for the Swiss unit of Credit Suisse. She earlier served for nearly two decades at UBS in Zurich, London and Singapore in various senior positions.
Commenting on KBL epb’s seventh acquisition in the past five years, Zeltner said: “With talented staff, strong client relationships and scalable infrastructure, Bank am Bellevue is an ideal fit for us. Together with that team and under the future leadership of Dagmar, we look forward to putting down roots and growing a robust Swiss business that meets the needs of both domestic and international clients".
André Rüegg, CEO of the Bellevue Group, added: “Moving forward, the Bellevue Group will focus on its asset management as well as its private market activities”, noting that KBL epb and the Bellevue Group will also jointly explore opportunities to collaborate in the area of asset management, including in the global healthcare sector.