by The bank is situated at Zurich’s prestigious Bahnhofstrasse. © Keystone / Gaetan Bally 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. 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
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swissinfo Business and Economy, Business, Featured, newsletter
This could be interesting, too:
RIA Team writes The Importance of Emergency Funds in Retirement Planning
Nachrichten Ticker - www.finanzen.ch writes Gesetzesvorschlag in Arizona: Wird Bitcoin bald zur Staatsreserve?
Nachrichten Ticker - www.finanzen.ch writes So bewegen sich Bitcoin & Co. heute
Nachrichten Ticker - www.finanzen.ch writes Aktueller Marktbericht zu Bitcoin & Co.
The bank is situated at Zurich’s prestigious Bahnhofstrasse. © Keystone / Gaetan Bally
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.
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.
You Might Also Like
2022 Geneva Motor Show cancelled
2021-10-08
For the third year running, the Geneva International Motor Show will not take place in 2022 due to ongoing health concerns as well as supply shortages in the automotive sector.
Opponents challenge media aid law to referendum
2021-10-07
A cross-party group has handed in signatures opposing a support package for the media passed by parliament in June.
Why some wealth managers hate wealth
2021-08-02
“How can we [ . . .] fight increased inequality?” railed Ralph Hamers in a recent interview. To be clear, Hamers is not the boss of Unicef, or Oxfam or the Social Mobility Foundation. He is chief executive of Swiss bank UBS, one of the biggest beneficiaries of the widening wealth gap.
Swiss ‘Crypto Nation’ supports African blockchain ambitions
2021-07-14
Sub-Saharan Africa is a key region for Swiss foreign policyExternal link and digitisation will play a major role in that strategy. To this end, “Crypto Nation” Switzerland is throwing its weight behind a public-private partnership to find blockchain solutions to some of the challenges facing the continent.
Banks Urged to think Green or Face Extinction
2021-07-04
Climate change is forcing financiers to change the way they think and act. This could have a big impact on their balance sheets – and potentially their very survival. “Bankers are no longer purely financial specialists, but also connoisseurs of the environmental and social footprint of investments,” said Yves Mirabaud in his last speech as president of the Association of Swiss Private Banks in June.
Swiss turning to new payment methods, but cash is still king
2021-06-23
The use of debit cards continues to increase but cash remains the most popular payment method in Switzerland. A survey by the Swiss National Bank (SNB) found that 97% of respondents keep cash in their wallets or at home to cover day-to-day expenses, while 92% own a debit card and 78% hold a credit card, according to a press release External linkon Wednesday.
How Swiss Asset Managers Opened their Doors to Lex Greensill
2021-06-01
In late 2014, David Solo lent A$12.2 million (CHF8.5 million) to a little-known supply-chain finance group with eye-catching claims. Greensill Capital, which was trying to muscle in on a corner of finance dominated for decades by banks, vowed to make “finance fairer” and declared that it would be “democratising capital”.
Federer to auction clothes, rackets and other gear for charity
2021-05-01
Millions of Roger Federer fans around the world might be salivating at the prospect of owning some mementos of the Swiss great’s incredible career after he announced he is auctioning off a collection of personal items this summer.
Tags: Business,Featured,newsletter